Bono acquires a stake in Forbes

A private equity fund Elevation Partners in which U2 singer Bono is a partner has acquired a stake in US media group Forbes.

With this Elevation Partners has now become a minority shareholder in a newly formed company, Forbes Media.

Exact details of this announcement were not made public but inside information claims that the group paid as much as $300 million for a 40% stake in the media group.

Steve Forbes, the Forbes president and chief executive said in a statement on this investment: “This investment by Elevation Partners will now accelerate our pursuit of a number of very exciting opportunities for growth.”

However, despite this investment by the private equity group, Forbes brothers would retain their executive positions.

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