The Binance-supported deal for Forbes to go public via a SPAC has been called off, according to a report in The New York Times. By mikeybellusci
The Times attributed the decision, which would have
through a merger with Hong Kong-based SPAC Magnum Opus Acquisition, to waning interest in the once-popular investment vehicle as several recent SPACs have not performed well. The decision could be announced as soon as this week, the Times said.in Forbes and Magnum Opus Acquisition to help fund Forbes' digital growth in a deal that would make Binance one of the top investors in the media firm.
At the time, Binance CEO Changpeng"CZ" Zhao said that"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. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform.Meanwhile, Axios
that the deal had until the end of business on Tuesday to file paperwork with the SEC to close its merger, and that if nothing is filed, either party involved can walk from the deal.
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