And now Bono is becoming managing director of a venture capital fund? What's next??? - U2 Feedback

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Old 06-15-2004, 06:50 AM   #1
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And now Bono is becoming managing director of a venture capital fund? What's next???

Hadn't seen this posted yet....

Now that he's the most powerful person in music, and possibly even politics, is his next target the corporate world? This guy's everywhere...kind of getting a bit crazy:

http://in.rediff.com/money/2004/jun/15bono.htm

Bono to join Silicon Valley venture fund

Agencies | June 15, 2004 15:03 IST


Bono, lead singer for the rock band U2, will soon join a Silicon Valley venture capital fund, Elevation Partners, as a managing director to invest in media and entertainment companies, The Wall Street Journal reported on Tuesday.

The 44-year-old rock star's participation in the venture fund will elevate its profile, said WSJ. The fund is likely to raise $1 billion for acquisitions and investments in the media and entertainment arena.

The venture fund has been set up by top technology investor Roger McNamee and former president of videogame maker Electronic Arts Inc John Riccitiello. The fund also has Fred Anderson who recently retired as the finance chief of Apple Computer.

Bono, whose real name is Paul David Hewson, has been the most famous face of U2, which has many hits to its credit, including the 2001 Grammy Award winner 'Elevation.' The venture fund, however, says that the firm's name is coincidental.


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Elevation Partners: A Silicon Valley venture capital fund that plans to make buyouts and other investments in media and entertainment companies.
Expected funding target: $1 billion
Headquarters: Menlo Park, California.
Managing directors: Singer Bono; former finance chief of Apple Computer Fred Anderson; former president, Electronic Arts Inc John Riccitiello; co-founder Silver Lake Partners Roger McNamee; founding principal, Silver Lake Partners, Mark Bodnick; former senior managing director, Blackstone Group Bret Pearlman.

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Bono, despite his new venture, will remain the U2 lead singer. The fund declined to elaborate Bono's responsibilities in the company or its own plans, citing the Securities and Exchange Commission mandated 'quiet period.'

However, it is clear that Bono "brings the fund a network of connections that span entertainment and politics," said WSJ.

The US media sector has seen a lot of M&A activity recently. In March, a group of private-equity investors led by Edgar Bronfman Jr. bought Warner Music Group from Time Warner Inc. for $2.6 billion. Sony Corp. and Bertelsmann AG are in the midst of an attempted merger of their global music operations, said WSJ.
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Old 06-15-2004, 06:56 AM   #2
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This new album better be the second coming, 'cause if it's not I'm gonna give Bono a talking-to about all this outside business crap.

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Old 06-15-2004, 07:46 AM   #3
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I can't find the exact quote right now, but I do remember Bono saying that business was, surprisingly, along with music and art, an area where he could exersize his creativity. He's obviously a multi-faceted guy (who clearly never sleeps).
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Old 06-15-2004, 09:37 AM   #4
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I wish he'd get involved in making music again.
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Old 06-15-2004, 10:36 AM   #5
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I wish he'd get involved in making music again.



So true.
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Old 06-15-2004, 10:58 AM   #6
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C'mon people, the old guy has 4 celebrity kids in this day n age.
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Old 06-15-2004, 10:59 AM   #7
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Will he take my kids too?
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Old 06-15-2004, 11:19 AM   #8
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Well, this isn't the first time that Bono/U2 have invested in companies (although they weren't on the board before). From a post on the Velvet Rope I got this link:
http://www.finisar.com/frankscorner/20020101.php
(it has a nice story of the engineers going backstage at the Oakland ZooTV concert to demo their stuff)

BTW, anyone here remember the streamed Popmart from Mexico concert that used the technologies of Burst.com?
I saw it somewhere in 1998 and was impressed with the streaming video and sound quality at that early stage.

C ya!

Marty
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Old 06-15-2004, 11:14 PM   #9
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Quote:
Originally posted by biff
I can't find the exact quote right now, but I do remember Bono saying that business was, surprisingly, along with music and art, an area where he could exersize his creativity. He's obviously a multi-faceted guy (who clearly never sleeps).
Well said biff

With so many changes that are needed in the music industry, from having to sell your soul to downright exploitation of women and men, who, better than Bono and U2 to turn things around again.
Everyone has comments on how the industry doesn't support a band/group or individual to make it in this business and all it amounts to is who can look the best while lip syncing. Real talent is not backed up for any lenght of time.
If this had happened in the 80's before U2 ever made it to the mega star status they did, none of this conversation would be happening.
Bono knows this and feels the need to try to change things on the only level it can be, on a grand scale. I say more power to him. As biff said, he's got the creativity and his clout can make things happen. IMO of course.
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Old 06-16-2004, 12:13 AM   #10
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Well said biff

With so many changes that are needed in the music industry, from having to sell your soul to downright exploitation of women and men, who, better than Bono and U2 to turn things around again.
Everyone has comments on how the industry doesn't support a band/group or individual to make it in this business and all it amounts to is who can look the best while lip syncing. Real talent is not backed up for any lenght of time.
If this had happened in the 80's before U2 ever made it to the mega star status they did, none of this conversation would be happening.
Bono knows this and feels the need to try to change things on the only level it can be, on a grand scale. I say more power to him. As biff said, he's got the creativity and his clout can make things happen. IMO of course.
Well, I certainly hope that's Bono's intent in doing this and that he's able to pull it off, because we could sure use some changes in the music industry.
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Old 06-16-2004, 12:37 AM   #11
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Well, as Bono said in that famous quote from so very long ago, "It is our ambition to make more than good music". I really believe this is the next phase of something that has been clearly thought out, a revolution from within the music industry. Remember Bono's definition of "rebellion" in rock, which was completely the opposite of what rock supposedly represented (the trashed hotel rooms, the groupies, the cars in swimming pools, just in general the studid excess). The "rebellion" would be hard work, artistic rigour, idealism, faith. They've succeeded so far. Who knows how much farther they will go in blazing this trail? Why not try to take on the whole industry? (Or maybe I'm just bein' sappy.)
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Old 06-16-2004, 02:57 AM   #12
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i think this is a smart move and probably a calculated move by bono to somehow work this into U2's future in the way they produce the sound and video for themselves both in album production and live shows.

on the other hand, i wouldnt be suprised of this was truly a move to attract attention to his worldly causes, moreso than with U2's music, and create within a well structured partnership so that he has people knowledgable in specific fields to help push what he's tried so hard at over last several years. imagine if bono's PENN speech reached a larger audience. his charisma and talent amongst crowds was incredible that afternoon, but was limited to those who attended and streaming video by those who attempted to view it.

im curious to see how much this will impact both U2 and Bono's independent ventures.
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Old 06-16-2004, 11:53 AM   #13
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Quote:
Originally posted by Diemen
This new album better be the second coming, 'cause if it's not I'm gonna give Bono a talking-to about all this outside business crap.

True dat.

Bono can do whatever the hell he wants as long as their a new album for me in November and a tour kicking off next March.
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