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:
“We are excited to participate either as owners, partners, or combined force with the other bidders. Collectively we all want Forbes back under US ownership and are excited about the next 100 years of Forbes.”
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:
“Right now, mining crypto generally means you are competing with considerable miners in China or Russia. With Overline's wireless mining, you are competing with miners at a maximum of 41 miles in any 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. In the meantime, McConlogue is seeking to disrupt the media industry using blockchain technology, and Forbes is only one component of that vision.