Knock Knock: For-Sale Forbes Gets Jesus? Meanwhile Bono Would Profit
Forbes Magazine is for sale and if the sale goes through the majority shareholder, private equity firm Elevation Partners, stands to do quite well for themselves. One of the partners in Elevation Partners? U2’s Bono, singer, spokesperson and activist. In 2006, reports Fortune Magazine, Elevation Partners became a minority shareholder in Forbes, pouring $246 million into the media company. But Elevation’s shares are preferred stock, meaning when the sale goes through, they are paid first.
Meanwhile, Friday I got emailed this screenshot of Forbes by a friend. I duplicated the result myself, googling the same string: Forbes, Pulse, Miami. (Pulse is a major Miami art fair).
The quote is from Luke, a quote from the Sermon on the Mount:
And I say unto you, Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you.
It’s a little weird to see a quote from the New Testament on a business magazine, though that just may be me since I think of business as a secular thing. It seems Forbes.com puts up a quote of the day as their site’s entry portal, something inspirational or motivational from a variety of sources: Sigmund Freud, Winston Churchill, Norman Vincent Peale, William James, Ernest Hemingway, Marcel Proust, Kurt Vonnegut (wow, it’s pretty much a sausage fest over there in the Forbes quote section; thankfully Tallulah Bankhead and Dorothy Parker pop up now and again, I was beginning to think only white men ever said anything of note). But the New Testament seems a little preachy, and well, evangelizing to me. To be fair they do offer one quote from Mohammed:
A man’s true wealth is the good he does in this world.
Today’s quote from Luke is poignant, given that Deutsche Bank is reportedly desperately looking for a Forbes buyer, they want someone to knock at their door with cash in hand. The company would sell for about $400 million. Elevation has written off their investment by about 75% already, according to Fortune. But seeing the company sold could make for a beautiful day.