Forbes recently received a $200 million investment from Binance, and the magazine's CEO talked about the company's plans moving forward.
Forbes CEO Mike Federle told Yahoo Finance in a recent interview that the magazine outlet wants to help more people understand the digital economy. He made this statement after Forbes received a $200 million investment from Binance.
When asked why Forbes made the deal, Federle said the media outlet is looking to make it easy for people to understand the digital economy. He stated that;
"Forbes from the beginning has always been about giving people the knowledge, the resource, the inspiration, the connections they need to achieve success. And what's going on with digital assets, I call it beyond crypto, with crypto, NFTs, blockchain technologies, the metaverse coming on. We want very much to be the guide to– or the bridge to understanding as this comes on and starts to make even bigger impacts on society and business."
Federle was asked about how Forbes can be in business with Binance after the cryptocurrency exchange sued them a few years ago after the media outlet published an article about it. He said;
"So they withdrew that lawsuit rather quickly, I think recognized the error of it. But going forward, it was a great demonstration of the importance of editorial independence. And that is a cornerstone of Forbes' brand. And any investor coming into making an investment in Forbes knows that impinging upon that editorial– the journalism or crossing that line is going to be a negative effect on their investment."
The Forbes CEO stated that the Binance investment would not determine the type of stories the platform publishes. He said'
"We are going to continue to write stories that are pro and con from different points of view based on what we believe. So in the end, I think that was actually a sign of strength going forward."