Soon after, via Twitter, he assured that he would maintain the publication’s independence.ġ/Had some questions in my DMs. Will this accelerate?Īccording to the exchange’s founder, Changpeng ‘CZ’ Zhao, the media is “an essential element to build widespread consumer understanding and education”, implying that he would use the magazine’s prestige to promote his own business. But what about the publication’s editorial independence – which has been compromised for some time -, how is it? This Buzzfeed article shows how the external contributors area was already being used as well for companies to promote themselves with low quality articles. Unedited, these articles have attracted even scammers wanting to promote themselves, as the site highlights.įor Forbes, which intends to go public this year, the acquisition by Binance could be a breather. To reduce costs, one of the most renowned publications in the market started to open space for external contributors, paying little. The Nieman Lab, one of the most prestigious sites for journalism analysis in the world, sets the tone for the decline in quality at Forbes in recent years. What will happen with Forbes? There are doubts. In the case of Sports Illustrated, for example, the new owner, Authentic Brands Group, said it would like to use the brand to promote events and betting businesses. In both cases, the movement is similar: with circulations falling for years and prestige in decline ( the same happened with Newsweek), the brand of these publications is still of great value for the public, even if the business is far from being as profitable as before. Sports Illustrated, another American market gold title, was sold in 2019 to a company that owns the Elvis Presley and Marilyn Monroe brands. Not of course, without any controversy, since the separation between Church and State, editorial and advertisers, has always been a bastion of journalism in the major vehicles.įortune, another mainstream US economics magazine, for example, was acquired in 2018 by a non-media entrepreneur. This move made by Binance is in line with a movement of brands acquiring publishers or investing internally in the diversification of produced content, such as news and podcasts. The deal is expected to close by the end of March this year, thus making Binance one of the two biggest owners of the magazine. Cryptocurrency exchange Binance, one of the largest crypto companies in the world, will take a $200 million stake in Forbes, one of the best-known American business, economics and technology magazines.
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