The New York Times reports (registration required) that Elevation Partners, a private equity group controlled by U2 singer Bono and a group of venture capitalists, has bought a 40 percent plus stake in Forbes for US$250 million to US$300 million. For the last 25 years, Bono has stayed atop a fickle business by embracing the latest technology in order to build global reach, constantly renewing the creative product and engaging in public stewardship along the way, including work on trade issues and global poverty.
Of course, Bono's investment in a magazine that celebrates wealth and consumption is bound to raise eyebrows. But Mr. McNamee said the stake in Forbes did not necessarily clash with his politics and his rhetoric, saying, "The way you solve poverty is giving people the tools to overcome it." Bono could not be reached for comment.
Saving the world will have to wait. There's money to be made.
