New group of Forbes investors includes U2’s Bono

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New York—In a move that changes the dynamic of one of the oldest family-run publishing companies, Forbes announced on Friday that it has sold a significant minority stake in a newly formed company, Forbes Media, to Elevation Partners, a private equity firm.

Financial terms were not disclosed, but the investment was reportedly pegged at more than 40%, at a cost of $250 million to $300 million. Forbes Media includes the 89 year-old Forbes, the Web site and several other media properties.

Among the new owners of Forbes Media is Bono, who is the lead singer for the rock group U2 and one of six partners in Elevation.

—Matthew Schwartz

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