from Timeinc.com
The Forbes family, children of Malcolm Forbes whose father B.C. Forbes founded Forbes magazine and ensuing empire, has sold a minority stake in the company to private equity group Elevation Partners which includes mono-monikered U2 frontman Bono.
The numbers aren't public but NYT writer David Carr reports hearing that the Elevation stake is over 40% at a price tag of $250 - $300 million.
According to Steve Forbes, Elevation was a natural partner for Forbes because of their technology and new-media savvy: "They are not just a source of capital; they are a source of insight." Forbes said that Forbes had taken a hit in the digital age. Carr has written previously about Bono and U2's marketing savvy and ability to adapt to changing times. Carr reports that Elevation was clearly "buying into a Web site with a magazine attached, as opposed to the other way around." Forbes.com reported 10 million unique visitors in June.
Per Carr: "Proceeds from the sale will be used both to invest in the business and to pay out money to members of the family." Carr also notes that Steve Forbes' two presidential runs have been kind of expensive.
The other Elevation principals may not be Grammy-winners but they have impressive pedigrees, coming from Apple Computer, videogame heavyweight Electronic Arts, and top private equity groups Silver Lake Partners and the Blackstone Group.
