Bono buys stake in Forbes

Forbes, a family held company, announced today an investment in the company by Elevation Partners in which the private equity firm, co-founded by Bono (who serves as Managing Director), has become a minority shareholder in a newly formed company, Forbes Media, LLC, the publisher of Forbes magazine, Forbes.com and other media properties.
In making the announcement Steve Forbes, President and CEO of Forbes and Editor-in-Chief of Forbes magazine said, “This investment by Elevation Partners will now accelerate our pursuit of a number of very exciting opportunities for growth. The team brings impressive experience and great expertise, and they are particularly strong in technology, media and entertainment innovations. Elevation Partners are the kind of entrepreneurs Forbes has been covering for years. Truly, they are the right people at the right time.”
The terms of the deal were not disclosed, but reports said the stake was worth about $250m.
From the Elevation Partners website:

Elevation Partners is a newly formed private equity firm that makes large-scale investments in market-leading media, entertainment, and consumer-related businesses. We focus on investing in intellectual property and content oriented businesses, as well as traditional media and entertainment companies, where we can partner with management to enhance growth and profitability through a combination of strategic capital and operational insight. Elevation Partners has nearly $1.9 billion in committed capital to be invested over the next six years.
We aim to help media and entertainment businesses create and market great content and insure it reaches the widest audience possible. Our investment team has a unique combination of media and entertainment knowledge and relationships, technology domain knowledge and relationships, investing experience, and operating expertise. Businesses that partner with us expect to transform themselves through the strategic use of technology and licensing, as well as improvements in core marketing, distribution, and operating processes.