Foresight Ventures announced the acquisition of a majority stake in encrypted media The Block, a deal that values The Block at $70 million.
The Block will continue to operate as an independent business and maintain its existing business lines. As part of the acquisition, Foresight Ventures CEO Forest Bai will serve as chairman of The Block's board of directors. In addition, Foresight Ventures partner Tony Cheng will also join The Block’s board of directors. Larry Cermak continues to serve as CEO of The Block.