Foresight

Partner

<p class="is-style-lead">Crypto media firm The Block sold a majority stake to Foresight Ventures in a deal, valuing it at $70 million.</p> 
<p>Most capital is used to buy out former CEO Mike McCaffrey’s stake. He resigned after the news that he secretly accepted millions from former FTX CEO Sam Bankman-Fried.</p> 
<p>CEO of The Block, Larry Cermak, confirmed the deal on X (formerly Twitter). He added that he will stay CEO, and nothing else is impacted.&nbsp;Cermak noted that running the company and getting it to a more sustainable state while working at this deal was very difficult.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/ Big news today as we announce Foresight Ventures acquired a majority stake in The Block. This tx gives The Block a fresh start ahead of the bull market and provides us with more capital to build out new exciting products and expand our footprint into Asia and the Middle East. <a href="https://t.co/1ohnptiKwQ" target="_blank">https://t.co/1ohnptiKwQ</a></p>— Larry Cermak (@lawmaster) <a href="https://twitter.com/lawmaster/status/1724047627774287927?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 13, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Foresight CEO Forest Bai will become chairman of The Block. Partner Tony Cheng will also take a seat on the board of directors, according to Axios. That gives Foresight two of the four spots.</p> 
<p>Foresight currently owns minority stakes in three other crypto media organizations in Asia: Chinese sites BlockTempo and Foresight News, and Korean-language site CoinNess.</p> 
<h2 class="wp-block-heading" id="coindesk-also-might-be-sold">Coindesk also might be sold</h2> 
<p>In August, cryptocurrency media platform CoinDesk <a href="https://crypto.news/coindesk-lays-off-over-40-of-editorial-staff-to-ensure-a-financially-sound-business-ahead-of-sale/">cut</a> 45% of its editorial staff as its parent company Digital Currency Group (DCG) plans to sell the project.</p> 
<p>Before this, the media <a href="https://crypto.news/crypto-media-coindesk-might-be-sold-for-125m/">reported</a> about the impending sale of CoinDesk at a valuation of $125m. A group of investors, led by Matthew Rojak of Tally Capital and Peter Wessenes of Capital 6, is in the final stages of negotiations.</p> 
<p> You might also like: <a href="https://crypto.news/dcg-owned-media-coindesk-is-in-acquisition-talks/"> DCG-owned media CoinDesk is in acquisition talks </a> </p>

Crypto media The Block sells $70m majority stake to Foresight Ventures

Table of Contents

crypto.news

Other articles published on Nov 13, 2023

Bitcoin Mining Community Hits Annual All-Time High, Surpasses $44 Million in Milestone Revenue

NFTs Are Seeing A Resurgence: Signs Of Crypto Bull Market?

Will Altcoins Rise and Will BTC Reach $40,000 This Week?

The Changing Landscape of Democracy: AI’s Impact on Governance

5 New Potential Coin Listings on Tier-1 Exchanges to Watch this Year

BitgetX to Shut Down Hong Kong Operations on December 13!

Join our free newsletter for daily crypto updates!