Monday, August 7, 2006

Bono gets richer still


The London Fog's pick for hypocrite of the decade is now investing in Forbes media, a magazine embracing capitalism. As a member of Elevation Partners, a private equity firm, Bono is a minority shareholder.


From the New York Times (registration required):
The Forbes company and Elevation circled each other for several months — Mr. Forbes and Mr. McNamee both described it as a mating ritual — before getting down to serious negotiations in the last several weeks, concluding Friday with the signing of documents. Terms of the transaction were not disclosed, but some people said that the deal gave Elevation a stake of more than 40 percent at a cost of $250 million to $300 million.

[..] A media brand seeking cachet and capital could do worse than signing up Paul Hewson, a k a Bono. For the last 25 years, Bono has stayed atop a fickle business by embracing the latest technology in order to build global reach, constantly renewing the creative product and engaging in public stewardship along the way, including work on trade issues and global poverty.

Of course, Bono’s investment in a magazine that celebrates wealth and consumption is bound to raise eyebrows. But Mr. McNamee said the stake in Forbes did not necessarily clash with his politics and his rhetoric, saying, “The way you solve poverty is giving people the tools to overcome it.” Bono could not be reached for comment.
When he is not lobbying politicians to spend other people's money on world poverty, he's quickly building his fortune, while not paying taxes because he is exempt as an Irish artist.

HT: Nice Comfy Fur


Crossposted over at Dust my Broom

2 comments:

Pietr said...

Whiny,crappy people owning bands....

Mitch said...

Heck, they just left Ireland as a tax residence to use the offshore trusts via a Dutch middleman like the stones:

http://taxprof.typepad.com/taxprof_blog/2006/08/not_a_beautiful.html

Tells it all - bigger hypocrite if you ask me. At least Kieth Richards is honest about it.