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 McConlogue shed light on the acquisition target and why it aligns with the organization’s overall vision.“Acquiring any company is a long process, and there are a lot of moving parts,” McConlogue wrote in an email, adding:News of the potential acquisition was disclosed 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 Michael Moe, a well-known technology investor. Forbes has been under majority control of Hong Kong-based Integrated Whale Media Investments since 2014. The investor group, which holds a 95% stake in Forbes, has been reportedly shopping the media company since at least 2017. McConlogue, who also heads cryptocurrency blockchain interoperability protocol Overline Network, said Forbes would provide his organizations with much-needed content. “We already have some very big names to ‘tweet’ over the network when messaging goes online, but Forbes ensures there is always fresh information coming in,” he wrote. That information will come in handy as Overline Network continues to expand its operations. The custom-built multichain network utilizes a proprietary consensus mechanism called proof-of-distance, which is said to build upon Bitcoin’s ( BTC ) 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,” McConlogue wrote, adding:At the time of writing, no timetable has been given for when Integrated Whale Media Investments may decide to sell its stake in Forbes. In the meantime, McConlogue is seeking to disrupt the media industry using blockchain technology, and Forbes is only one component of that vision.
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/blockchain-company-borderless-services-inc-forbes-should-be-under-us-ownership
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