Cryptocurrency News

Forbes must be ‘American owned’

Blockchain holding group Borderless Services Inc. made headlines in late April amid reports that it had placed a $700 million bid to acquire business news publisher Forbes Media LLC. In an interview with Cointelegraph, CEO Patrick McConaughey highlighted the acquisition target and why it aligns with his organization’s overall vision.

“Acquiring any company is a long process, and there are a lot of moving parts,” McConaughey wrote in an email:

“We are excited to participate as either a joint force with owners, partners or other bidders. Collectively we all want Forbes to return to American ownership and are excited for the next 100 years of Forbes.

There was news of a possible takeover Disclosure By Reuters in an April 29 publication. At the time, Forbes was said to be in talks to go public through a merger with a special purpose acquisition company, or SPAC. In addition to Borderless Services Inc., the news publisher was reportedly fielding interest from a consortium led by a well-known technology investor, Michael Mo.

Forbes has been in majority control of Hong Kong-based Integrated Whale Media Investments since 2014. The investor group, which holds a 95% stake in Forbes, is reportedly buying the media company. since At least 2017.

McConlog, who also heads the cryptocurrency mining interoperability protocol overline, said that Forbes would provide much-needed content to their organizations. “We already have some pretty big names on the network to “tweet” when messaging is online, but Forbes makes sure there’s always fresh information coming in,” he wrote.

This information will come in handy as Overline continues to expand its operations. The custom-built multi-chain network uses a proprietary consensus mechanism called proof-of-distance, which is said to build on bitcoin’s proof-of-work model.

“With overline and wireless mining, we want to bring back the fun of the early days of bitcoin mining by leveling the playing field once again,” McConaughey wrote, adding:

“Right now, mining crypto generally means that you are competing with quite a few miners in China or Russia. With Overline’s wireless mining, you are competing with miners up to a distance of 41 miles in either direction. , So it localizes competition for global demand and re-democratizes proof-of-work mining.

At the time of writing, no timetable has been given for when Integrated Whale Media Investments may decide to sell its stake in Forbes. Meanwhile, McConaughey is trying to disrupt the media industry using blockchain technology, and Forbes is only one component of that vision.