Forbes Magazine was founded 104 years ago as an economics magazine operating in many countries, and today also operates a website in the field. The magazine is known for the lists it makes such as the ranking of the richest people in the United States, the leading companies in the world, the promising young people and more. The group is managed by Steve Forbes, who was a presidential candidate and is the grandson of the founder, and 95% of which was sold to a group of Hong Kong investors for $ 475 million in 2014.
In August last year, the magazine announced that it was trying to become a public company through the Spock merger through which it hoped to raise $ 400 million for the continued transition to digital and future expansion. But the sentiment in the market towards spacks in general and those of telecommunications companies in particular has changed, and the merger has run into difficulties.
CNBC News has announced that crypto developer Changfeng Zhao, considered the richest in the field, has come to the magazine’s aid, leading the world’s largest cryptocurrency exchange, which he manages to invest $ 200 million in merging the magazine into the Spock company, becoming the company’s second largest shareholder. The Crypto Exchange will even appoint two representatives to the board out of nine in total.
Why Forbes magazine needs money, that’s understandable. But what is the interest of a successful crypto exchange and entrepreneur in the field (who even recently entered Forbes’ own list of the world’s rich with an estimated fortune of $ 96 billion) in investing in such a traditional and less profitable field as journalism?
This seems to be another step in the crypto world’s effort to enter the mainstream. The biggest challenge in the world of digital currencies and blockchain networks is to be accepted by the general public and become legitimate outside the industry. This is why some of the initiatives and investments that seem less related to the crypto field that have come out of the industry. For example, the competing stock exchange Crypto.com acquired the right to the name of the mythical hall of the NBA team Los Angeles Lakers, which is now named after it. The blockchain gaming sandbox has recruited Snoop Dogg for all sorts of initiatives in the field, and in the upcoming Super Ball game several commercials were purchased for quite a bit of money by elements from the crypto world.
The Binance Stock Exchange itself, founded just five years ago, is making special efforts on the subject. In November this year, the company announced the establishment of a fintech partnership in France worth one hundred million euros with the aim of increasing its blockchain operations in Europe. This joined another 2019 initiative called Binance Jersey that aimed to expand the company’s influence in Europe. In addition, the company operates a research department and “academy” designed to disseminate knowledge about the field, as well as the company supports developers and initiatives in the field.
As part of these efforts, control of the press can contribute to the company’s aspirations more than the monetary value of the investment or profits that the magazine will yield. A change or impact on the systemic line of a highly influential magazine can definitely help the crypto field pave new tracks to the heart of the crypto.
CNBC magazine also points to the possibility of bringing the world of journalism into the world of the Web 3. The world of the Web 3 is considered the next generation of the Internet, and is built on the principle of the blockchain (distributed network of nodes, servers, many), according to which there is no single central factor that controls or depends on activity, but is distributed over many nodes, nodes. That the network expands on them. The source who reported to CNBC on the deal said that “this is a first step into a market that really has a lot of potential, when it comes to adopting Web 3. Our industry has seen tremendous growth and we think you have to be stupid not to position yourself in these sectors, which are ripe for infrastructure investment.” . The source said that the investment in the press company is made after an examination of three other companies in the media field.
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