BONO is preparing for a windfall following the announcement that American business magazine Forbes has been put up for sale at the guide price of $400m.
The investment company Elevation Partners, for whom Bono is the managing director, purchased a 45% stake in Forbes Media for $264 million in 2006.
Bono is on the cover of Forbes’ upcoming special December philanthropy edition alongside Liberian president Ellen Johnson Sirleaf, while an extensive discussion between the U2 frontman and Bill Gates appears inside the magazine.
Elevation Partners has almost $1.9b in committed capital in various projects, including Facebook, where the Dubliner’s share alone is estimated to be worth $43m.
The decision to sell Forbes more than makes up for the decision by producers of Broadway musical Spiderman the Musical to move the play, for which Bono and The Edge wrote music for, away from New York and to the smaller market of Las Vegas.
Last week the show earned just $742,595, almost half a million less than what was required to even break even.