The business news organization, which publishes Forbes magazine, is expected to raise approximately $600 million in gross proceeds.
“As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education,” Changpeng Zhao, founder and CEO of Binance, said in a statement.
The combined firms will continue to be led by the current management team and will retain the Forbes name. Upon the closing of the transaction, Forbes will list on the New York Stock Exchange under the ticker symbol “FRBS.”
Forbes said it will also use its funds to “convert readers into long-term, engaged users of the platform, including through memberships and recurring subscriptions to premium content and highly targeted product offerings.”
