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".
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