A Chinese-government-controlled company has put in an offer to buy Forbes, the major American news company that built its name on financial analysis.
According to the Free Beacon, Magnum Opus, the CCP-controlled company in question, announced its intent to acquire the property last August. Now, that deal looks to be nearing completion, and it’s drawing outrage from Republicans who are pointing out what a major security risk the move represents.
NEW: A CCP-controlled company wants to buy one of the most recognizable American brand names.
Senators warn the firm’s bid to buy Forbes poses a national security threat and would allow the Chinese Communist Party to push its propaganda.
— Washington Free Beacon (@FreeBeacon) May 31, 2022
A Chinese-controlled firm’s bid to buy the Forbes media company poses a national security threat and would allow the Chinese Communist Party to push its propaganda by using one of the most recognizable American brand names, according to a group of Republican senators.
“Forbes is a recognizable American brand with immense propaganda value to the CCP,” Sens. Tom Cotton (Ark.), Bill Hagerty (Tenn.), Ted Cruz (Texas), and Bill Cassidy (La.) wrote on May 24 to the Treasury Department, demanding the Biden administration launch an investigation into the proposed purchase. “The CCP’s direction of Forbes’ editorial content and business operations, or its access to Forbes’ financial and personal research, could present a serious national security threat to the United States.”
Frankly, I believe it’s insane that this is even being considered. No nation on earth survives, much less thrives, while selling itself to foreign adversaries. Yes, there is a unique risk in allowing the Chinese to control the news flow in a nation founded on free speech, but this goes beyond just that. Any Chinese investment in the United States poses a danger to the well-being and long-term security of the country. We shouldn’t be letting the Chinese buy up property, we shouldn’t let them buy American corporations, and we certainly shouldn’t let them buy American news outlets.
I understand the more libertarian among us will disagree, arguing that stopping China from expanding its influence in the US is somehow an incursion on the free market. I’d argue such ideals stop at the water’s edge. Imagine if Russia were trying to buy Forbes. Would anyone be fine with that? Or would the US government immediately step in to stop the acquisition? Given China is the far more dangerous adversary in the grand scheme of things, it should be treated with just as much scrutiny.
The next question is why only Republicans are speaking out on this. Are Democrats truly so beholden to the Chinese that they would find it acceptable to allow this to happen? That question is more rhetorical than anything at this point because we know that yes, they are that beholden. We’ve seen Joe Biden’s supportive attitude toward the CCP over the years, as well as his son’s financial connections, but he’s just one of many on the left side of the aisle that continue to treat China with kid gloves despite its aggression and human rights abuses.
China sees monetary power as its chief weapon against freedom in the world. We’ve seen the oppressive deals they’ve struck via the so-called “belt and road program” with poor African and South American nations in order to gain access to raw materials. Allowing the CCP to play the same influence-buying game in the United States is national suicide.
With all that said, will Treasury Secretary Janet Yellen step in? Don’t count on it. She’s become nothing more than a mouthpiece for the Biden administration, whether talking about abortion, climate change, or anything else.