OLD Media Moves

Pushing for change inside Forbes

September 24, 2007

Posted by Chris Roush

Keith Kelly of the New York Post writes Monday that rock star Bono and Elevation Partners, who bought a minority stake in Forbes last year, are pushing for more changes at the business magazine publisher.

ForbesKelly wrote, “Now, 12 months later, with the Forbes family selling its longtime headquarters building in Greenwich Village and its helicopters and pulling the plug on unprofitable titles, there are growing whispers around New York City and media circles from coast to coast about what is up inside the Forbes family empire.

“The answer, it appears, is that the deal with Bono and company will result in the Forbes media dynasty ending with the sale of the company — or an initial public offering of at least a sizable stake in the company.

“‘The word inside is that there will be a liquidity event in the next two years,’ one former executive told The Post.

“While Steve Forbes and his three siblings, Timothy, Robert and Chris topher, — who have run the company since the death of their fa ther, Malcolm Forbes, in 1990 — are gamely saying they want to try to groom a fourth generation to run the family’s publishing empire, observers inside and outside the company are betting it never happens.”

Read more here.

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