Bono takes 40 per cent stake in 'Forbes' magazine
Tuesday 08 August 2006
Bono, the Irish rock star and anti-poverty campaigner, has taken on yet another role, this time as a co-owner and co-publisher of Forbes, the American business magazine which for almost 90 years has unabashedly celebrated wealth and capitalist consumption.
Members of the Forbes clan, including the former presidential candidate Steve Forbes, confirmed that they had sold a significant minority stake in their company, Forbes Media, to an American-based equity fund called Elevation, in which Bono, the front man of U2, is one of six partners.
The singer was not directly involved in the negotiations, nor does anyone expect him to take any direct role in the management or editorial running of the media company. While no details of the deal were available, it was reported that Elevation paid as much as $300m (£157m) for a 40 per cent stake in Forbes Media.
Roger McNamee, an Elevation partner who signed the deal last Friday, said Bono was drawn to Forbes because it "has a point of view". He said the singer "drove this part of the discussion and likes the fact that there has been a consistent philosophy throughout its history".
- 1 JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Video shows what happens when lava is poured onto ice
- 5 Cate Blanchett loses temper during interview: 'That's your f**king question?'
Andreas Lubitz: Who is Germanwings co-pilot who 'locked out captain and crashed flight 9525'?
Germanwings crash: The poignant final photograph taken by Iranian journalist on doomed flight after watching Barcelona play Real Madrid
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Cate Blanchett loses temper during interview: 'That's your f**king question?'
Jeremy Clarkson calls on trolls to leave producer Oisin Tymon alone: 'None of this is his fault'
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Vote Ukip, says far-right group Britain First
£35000 - £45000 per annum: Recruitment Genius: This is a unique opportunity to...
Negotiable: Recruitment Genius: Trainee Managers are required to join the UK's...
£25000 - £35000 per annum: Recruitment Genius: You will maximise the effective...
£20000 - £25000 per annum + uncapped commission : SThree: Hello! I know most ...