Bono Buys a Piece of Forbes
Posted on Aug 7, 2006
A group of investors, including the U2 frontman, bought a minority stake in the financial publishing company. An investor partner says Bono ?drove this part of the discussion and likes the fact that there has been a consistent philosophy throughout its history.?
SINCE the death in 1990 of the legendary publisher Malcolm S. Forbes, his four sons and a daughter have sold his cherished assets here and there ? his private jet, the collection of Fabergé eggs, a handwritten copy of Lincoln?s last address. The father suggested in his memoir that it was only natural and proper that his children do so, but even he might have been taken aback by the most recent divestiture.
On Friday, the family sold a significant minority stake in a newly formed company, Forbes Media, which includes the 89-year-old Forbes magazine started by their grandfather, B. C. Forbes; the Forbes.com Web site; and a number of smaller media properties, to Elevation Partners, a private equity group.
Malcolm Forbes, whose tastes in music ran to Scottish bagpipes, may have been even more surprised that among the new owners of the company is Bono, the singer in U2 who is one of six partners in Elevation.
From the N.Y. Times