Forbes Media LLC was formed in August 2006 when Elevation Partners made a "significant investment" in Forbes, Inc., becoming a minority shareholder. Exact details of the deal were not made public but one estimate was that Elevation gained a stake of over 40% at a coast of between $250 million to $300 million.
Forbes Media is the publisher of Forbes magazine and related publications. "No one is the master of their own universe. Time and circumstances change. We wanted the wherewithal to pursue the enormous opportunities in front of us, and Elevation understands technology, media and print. They are not just a source of capital; they are a source of insight," said Steve Forbes.
Articles and Resources
- Scott Reeves, "Private Equity Group Buys Into Forbes", Forbes, August 7, 2006.
- David Carr, "Investors, including Bono, buy a piece of Forbes", International Herald Tribune, August 7, 2006.
- Forbes, "Forbes Media Acquires Fifty-One Percent Stake in RealClearPolitics.com: Premier Political Site Enhances Interactive Offerings", Media Release, November 7, 2007.
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