U2 FRONTMAN BONO is set to make millions after Forbes Magazine was placed up for sale for the first time in its 96-year history.
Bono’s Elevation Partners private-equity firm bought a 45 per cent stake in the legacy business magazine for $264 million.
Now, the magazine has been put up for sale with a guide price of $400 million.
Most of that purchase is made up of preference shares, meaning that when the magazine is sold, Bono and his business partners stand to make millions of dollars.
They would receive the majority of the proceeds of any sale of the magazine, the third-largest business magazine in the US. It has a weekly circulation of 933,000.
No buyer has been confirmed for the business, but Forbes Media CEO Mike Perlis says that the decision to sell was based on “serious overtures”.
“The frequency and serious nature of these overtures have brought us to a decision point,” Perlis wrote in a letter to employees.
“We have hired Deutsche Bank to represent us, and we expect interest from numerous suitors.”
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