Bono: I Bought The News Today

Elevation Partners, named after one of its partner’s songs, has purchased a large minority stake in the newly-reated Forbes Media. Describing the rationale behind the deal, Steve Forbes dais, “We wanted the wherewithal to pursue the enormous opportunities in front of us, and Elevation understands technology, media and print.” Exact terms were not disclosed, but the chatter is that the private equity firm received more than 40 percent of Forbes Media for an investment in the range of $250 million to $300 million. With print ad sales on the decline, the allure of the deal was most likely Forbes.com, which has more than 10 million unique visitors a month, which is music to advertisers’ ears.
Investors, Including Bono, Buy Forbes [NY Times]

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