Bono is one of six founding partners in Elevation Partners, a private equity group. According to New York Times, Elevation just acquired a stake of more than 40 percent in 89-year-old Forbes magazine and Forbes.com at a cost of $250 million to $300 million.
Roger McNamee, a managing director and co-founder of Elevation, helps mere mortals understand why Ireland’s King of Rock, wants to play media mogul.
Bono was not directly involved in the Forbes meetings, but Mr. McNamee said that the singer was attracted to the magazine because it has a point of view, adding that Bono drove this part of the discussion and likes the fact that there has been a consistent philosophy throughout its history.
Forbes.com had 10 million unique visitors worldwide in June. The Times story makes clear the web property was the darling of the deal.