Bono takes 40 per cent stake in 'Forbes' magazine

[Minstrel Boy]

Bono takes 40 per cent stake in 'Forbes' magazine

By David Usborne in New York
Published: 08 August 2006

Bono, the Irish rock star and anti-poverty campaigner, has taken on yet another role, this time as a co-owner and co-publisher of Forbes, the American business magazine which for almost 90 years has unabashedly celebrated wealth and capitalist consumption.

Members of the Forbes clan, including the former presidential candidate Steve Forbes, confirmed that they had sold a significant minority stake in their company, Forbes Media, to an American-based equity fund called Elevation, in which Bono, the front man of U2, is one of six partners.

The singer was not directly involved in the negotiations, nor does anyone expect him to take any direct role in the management or editorial running of the media company. While no details of the deal were available, it was reported that Elevation paid as much as $300m (£157m) for a 40 per cent stake in Forbes Media.

Roger McNamee, an Elevation partner who signed the deal last Friday, said Bono was drawn to Forbes because it "has a point of view". He said the singer "drove this part of the discussion and likes the fact that there has been a consistent philosophy throughout its history".

http://news.independent.co.uk/world/americas/article1217552.ece

wank·er (wăng'kər)
n. Chiefly British Vulgar Slang.

1. A person who masturbates.
2. A detestable person.

Synonyms: tosser, jerk-off

It is particularly used of someone (usually male) who is self-obsessed and/or a show-off. It has the similar meanings and overtones to American pejorative terms such as "jerk", "jerk-off", or "prick".

[Avalux]

1. Bono is a musician and a capitalist.

I have admired a few things he's done but for the most part, the man doesn't deserve being treated as if he's some sort of diety. It's also been reported that the band has moved it's wealth out of Ireland so they can pay less taxes (there was a recent tax hike). This, after Bono criticized the government for not contributing more to poor countries.

[Wickerman]

17. what you said

:hi:

His product, er music has been so far off my radar screen for so long. Lots of mags could use his capital - many of which would appreciate someone who would respect their viewpoint and not expect change.


Roger McNamee, an Elevation partner who signed the deal last Friday, said Bono was drawn to Forbes because it "has a point of view". He said the singer "drove this part of the discussion and likes the fact that there has been a consistent philosophy throughout its history".

[Zensea]

2. 40 divided by 6 equals 6 .67%

Six partners, not one, so your math is off about Bono taking a 40% stake.
I don't really see this as a big deal even if it's 40% though.
Nothing wrong with being a publisher & it's actually a logical evolution from being a musician if you think about it.

Also, it occurs to me that your post is an attempted hatchet job of creating guilt by innuendo.
To wit -- Forbes, business magazine; picture of Bush and Bono together -- but where is the actual problem other than by inference?

[Minstrel Boy]

4. Another recent purchase of Bono's "Elevation":

WASHINGTON D.C. - U2's Bono, well recognized for his campaigns to reduce poverty and treat AIDS in Africa is backing a videogame which promotes the invasion and destruction of Venezuela in order to check "a power hungry tyrant" who has "seized control of Venezuela and her oil supply." Bono has failed to respond to concerns raised by the Venezuelan Solidarity Network about his funding of this project.

"Mercenaries 2: World in Flames," created by Los Angeles based Pandemic/Bioware Studios, simulates a mercenary invasion of Venezuela in the year 2007. Pandemic is a subcontractor for the US Army and CIA funded Institute for Creative Technologies, which uses Hollywood techniques to mount war simulations in California's high desert in order to conduct military training. "Mercenaries 2: World in Flames" simulates destruction in downtown Caracas, and promises to leave no part of Venezuela untouched.

Elevation Partners is an investment firm that Bono helped create in order to exploit marketing opportunities between U2 and its fans, including projects from Pandemic/Bioware Studios. Pandemic states that as a partner in Elevation Partners, Bono "has visibility into all projects at Pandemic and Bioware."

Pandemic's target market is young men of military recruitment age and indeed this is not Pandemic's first military adventure. MSNBC reported that the videogame “’Full Spectrum Warrior’ was created through the Institute for Creative Technologies in Marina Del Rey, Calif., a $45 million endeavor formed by the Army five years ago to connect academics with local entertainment and video game industries. The institute subcontracted work to Los Angeles based Pandemic Studios."

http://www.venezuelanalysis.com/articles.php?artno=1770

[Zensea]

5. same critique

Although you might be on to something, I would say that the article you cite has a similar problem.
That is --
"U2's Bono, well recognized for his campaigns to reduce poverty and treat AIDS in Africa is backing a videogame which promotes the invasion and destruction of Venezuela in order to check "a power hungry tyrant" who has "seized control of Venezuela and her oil supply." Bono has failed to respond to concerns raised by the Venezuelan Solidarity Network about his funding of this project."

Failing to respond and backing are two different things.
Also having a company you have an investment in putting out something and backing what that company does are also two different things --- unless you have 100% or majority ownership & only if you have direct control over decisions of the company. Maybe Bono does fit all those categories but the article doesn't really indicate this --

make your case stronger, that's all

[Minstrel Boy]

8. Elevation Partners:

Bono is a Managing Director and Co-Founder of Elevation Partners. Bono is the lead singer and co-founder of U2, one of the most successful bands in the history of the recorded music industry. Since 1977, U2's albums have sold over 120 million units worldwide and U2 has won 14 Grammy Awards. U2 has also been an industry leader in the management of its business operations and intellectual property. Unlike most bands, U2 owns and controls most of its own catalog.

http://www.elevation.com/EP_IT.asp?id=112


And re the wargame:

U2's Bono just won't quit. After the failed takeover of Eidos last year, Elevation Partners (a VC firm of which Bono sits on the board) has announced a heavy infusion of cash bringing together two of gaming's most prolific independent studios. This new deal will see Bioware and Pandemic Studios joining forces in a creative and management partnership. The aim of this venture is to create the world's best funded and largest independent game development house. Yeah, $300 mil will certainly help towards that.

Gamers no doubt know of the pedigree of both of these companies. Bioware has been scoring critical hit after critical hit in the RPG space with their acclaimed Baldur's Gate series, launching Star Wars: Knights of The Old Republic and most recently Jade Empire. Pandemic Studios has shown their versatility with hit titles ranging from the Army tactical shooter Full Spectrum Warrior to the hilarious Destroy All Humans! all the way to the hit Star Wars: Battlefront series.

Pandemic Studios is a Pentagon subcontractor through the aegis of the "Institute for Creative Technologies," launched by the US Army in 1998 with $45 million as a go-between with the entertainment and gaming industries. Pandemic is the developer of military training simulations such as Full Spectrum Command, commercially available as Full Spectrum Warrior for gaming on Playstation and XBox.

[Zensea]

10. that's better n/t

.

[OzarkDem]

22. Managing Director and Co-Founder

means Bono is driving the decisions. Really shocking, I won't be buying his music any longer.

[stepnw1f]

6. That is Really Messed Up

What a disappointment if true.

[redqueen]

20. Wow. And I thought I didn't like him before...

:puke:

[Freddie Stubbs]

11. That is assuming that each partner has an equal stake

[Zensea]

12. Exactly, which raises the possiblity that Bono has 1% interest

or 99%.

There's not enough information given in the original article to know, which is why I say it borders on a hatchet job and innuendo.

[Minstrel Boy]

14. equal share, and a managing director:

"Bono will be a managing director along with McNamee and the others and will have an equal share of the carry, the source says."

http://www.ventureeconomics.com/vcj/protected/1070550129830.html

[NashVegas]

3. Promoting Change From the Inside?

That's what I'm hoping for, anyway.

Once upon a time, that was a democratic ideal. Back in the 1960s, I think.

[The2ndWheel]

15. I don't think it worked, nt

[bloom]

16. I hope so too.

I think that people in the UK are more aware of how insidious capitalism and overconsumption have become.



I was noticing various UK sites that seemed to reflect more of an awareness of the issues among the population.


http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=1847172&mesg_id=1847172

[kysrsoze]

29. I really hope so. Otherwise he's a f*cking @sshole.

I would think he's got enough money by now and would hope he realizes it's not due to corporate ownership of all things.

[sadiesworld]

7. Such a radical lad.

lol

[lagavulin]

9. When you're rich you have to invest.

And when you're very rich you typically do so by taking direct stakes in businesses. And this means you become a capitalist--along with all the shame and glory that that brings.

As the old saying goes, "It's easier for a camel to pass through the eye of a needle than for a rich person to enter heaven".

Oh, and by the way there's another old saying that goes:

"You can never change the system from the inside".

[MilesColtrane]

13. Maybe he's just down with Steve Forbes flat tax idea

so he'll have more money to give away?
...ahem

[LeftHander]

18. Parlaying a rock band into a $800 million forutne

Pretty effing amazing...

[Bridget Burke]

19. Why can't he just spend his money on coke & floozies....

As most rich Rockers do?

His first crime--becoming successful. Most Rockers never get rich. And they never get heard.

[Megahurtz]

21. Should this surprize anyone?

Bono has been a Bush supporter for years, he contributed a large chunk
to Bush's campaign back in 2000.

Lol! And some people are so busy getting teary eyed over Bono's "charity". :eyes:

[many a good man]

31. Links???

I call BS.

[Jim Warren]

23. Home to roost

Now maybe people will start catching on about this grossly over-exposed egomaniac.

[earth mom]

24. It's true...MONEY CORRUPTS. No more U2 for me!

:puke:

[DemCapitalist]

26. Money corrupts?

No,power corrupts.

[Miss Chybil]

27. Having money is not a sin.

Especially, when you've earned it.

[mogster]

25. Whoa - the world never stops to surprise me

:shrug: :(

[Autonomy]

28. So what?

Now here's something interesting. Bush quits presidenting and begins his singing career covering U2 songs.

http://video.google.com/videoplay?docid=6805063692754011230

[Indy_Dem_Defender]

30. Thanks for the link

Someone put a lot of work putting that together big props to who ever made it!