Bono finds what he's looking for with Forbes
The Forbes family has agreed to sell a large minority stake in its media empire to Elevation, the buy-out fund of Irish rock star Bono, in a deal worth about $300m (?157m).
The move highlights the way in which private investors are seeking bargains in the struggling world of print journalism. The deal represents a big bet by Steve Forbes, the most prominent member of the US family, that outside capital and know-how will help speed the 89-year-old magazine's transition into the digital age.
It highlights Elevation's conviction that old media companies with strong brands should be able to recreate themselves and thrive on the web. "We see enormous opportunities for growth on the web side," Mr Forbes said.
