A private equity group that includes U2's Bono has bought a stake in family-held publisher Forbes, becoming the first outsider to invest in its business media properties.
Elevation Partners took a minority stake in Forbes Media LLC, a new company encompassing the 89-year-old business glossy Forbes magazine, its Forbes.com Internet site and other assets.
The terms of the deal were not disclosed, but reports said the stake was worth about $250m.
Elevation Partners' stated strategy is to help traditional media companies reap benefits from new outlets, including the web. It also brings together Bono, one of the world's most prominent celebrity activists fighting poverty, with the 'entrepreneurial capitalism' advocated by the Forbes family.
Chief executive Steve Forbes said the decision to bring in a new investor was driven by vast changes to the publishing world, where a growing number of readers seek their news via the internet and other channels.
