Foresight

Partner

<div class="cryptonews">
 <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>
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    <p lang="en" dir="ltr">1/ Big news today as we announce Foresight Ventures acquired a <a rel="noopener noreferrer nofollow" title="majority" href="https://thebittimes.com/tag/majority.html">majority</a> <a rel="noopener noreferrer nofollow" title="stake" href="https://thebittimes.com/tag/stake.html">stake</a> 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. https://t.co/1ohnptiKwQ</p>— Larry Cermak (@lawmaster) November 13, 2023
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 <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 <a rel="noopener noreferrer nofollow" title="stake" href="https://thebittimes.com/tag/stake.html">stake</a>s in three other crypto <a rel="noopener noreferrer nofollow" title="media" href="https://thebittimes.com/tag/media.html">media</a> 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 cut 45% of its editorial staff as its parent company Digital Currency Group (DCG) plans to sell the project.</p>
 <p>Before this, the <a rel="noopener noreferrer nofollow" title="media" href="https://thebittimes.com/tag/media.html">media</a> reported 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>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> DCG-owned media CoinDesk is in acquisition talks
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-media-the-block-sells-70m-majority-stake-to-foresight-ventures-tbt70110.html">https://thebittimes.com/crypto-media-the-block-sells-70m-majority-stake-to-foresight-ventures-tbt70110.html</a></p>

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

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