(08-07-2006) Media group Forbes sells stake to Bono -- The Guardian*

[HelloAngel]

Media group Forbes sells stake to Bono


Chris Tryhorn, City correspondent


A private equity fund backed by U2 frontman Bono has taken a stake in US media group Forbes.
The family-held publishing company said today that Elevation Partners, where Bono is named as a partner, had become a minority shareholder in a newly formed company, Forbes Media.

Precise terms of the investment were not disclosed by either party, though a New York Times report suggested that Elevation might have paid up to $300m (£157m) for a 40% stake.

"This investment by Elevation Partners will now accelerate our pursuit of a number of very exciting opportunities for growth," said Steve Forbes, the Forbes president and chief executive.
The company, which owns the 89-year-old Forbes business magazine and the Forbes.com website, added that the other Forbes brothers would retain their executive positions following the deal.

Bono is one of six partners at Elevation, which is named after a U2 song. Other partners include Fred Anderson, the former chief financial officer of Apple Computers, and financiers Bret Pearlman and Roger McNamee.

Bono, real name Paul Hewson, was said not to have been directly involved in the talks that led to the Forbes deal.

http://business.guardian.co.uk/story/0,,1838971,00.html

 

[Yahweh_OMG]

too much business...... stick to music!!!

 

[Liesje]

too much business...... stick to music!!!

Bono, real name Paul Hewson, was said not to have been directly involved in the talks that led to the Forbes deal.

These business ventures sound marginally time consuming for Bono. He probably has a whole team of people that make arrangements and all he has to do is sign on the dotted line.

 

[seajewel]

i miss the rock star

 

[dsmith2904]

I think it's smart for him to diversify his investments this way. If the guys in U2 are financially secure, I think it maintains the integrity of their music because they're not needing to do things like write a McDonald's jingle or sell perfume for a quick buck.

 

[U2girl]

Misleading article titles.

 

[Party Boy]

Hmm.. making even more money. On top of moving business to Netherlands for tax reasons, I'm starting to care less for the individuals of U2. Music will always be there but I dunno -- recent developments has made me lose a lot of respect for them.

 

[Liesje]

Party Boy, I'm just wondering what specifically about this makes you lose respect for U2? Bono's been part of Elevation, and several other business ventures for years now. This is nothing new. He's only one of six partners; he doesn't call the shots and he's rarely present for their business dealings. Just curious as to why diversifying one's portfolio is any of concern for us. I hope people don't judge me based on my business ventures!!

 

[Carek1230]

To diversify one's portfolio is the way of today and the future. And yes, most likely Mr. Hewson aka Bono as we know him best, has a team of advisers to handle his affairs for and with him. If I had the fortune he possesses I'd have a staff also.

 

[sue4u2]

Bono and U2 have a huge amount of time and love and yes, money invested in their projects and organizations. They will need a great deal of money to continue to do the work over the long haul, that they have committed themselves to do.
Bono in particular, and we know Edge has Music Rising going on. and in reality, we really don't know what Adam and Larry are involved in.
So why is it so hard to understand they would wheel and deal in the financial market's to protect their interest.
No offense to anyone, but this is done by mature and dependable people everyday and a great deal of people (not just Bono,or U2) will live better for it.

 

[BrianT]

Well on the surface.....its not something I would endorse. Just for the fact that Forbes is almost synomous with great wealth and power. Having said that...who knows? I think we can give Bono the benefit of the doubt. Also, we dont now how much Bono gives away to charity...because he doesnt really tell. Which no good Christian would after all.