Bono Plays Steve Forbes’ Fundraiser

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.

About David Burn

I wrote my first ad for a political candidate when I was 17 years old. She won her race and I felt the seductive power of advertising for the first time. Today—after working for seven agencies in five states—I am now head of brand strategy and creative direction at Bonehook in Portland, Oregon.