Saturday 24 March 2018

Forbes in debt crisis

BONO'S investment in Forbes Media has hit a stumbling block as the company struggles to refinance a $50m (€38m) loan.

In 2006 Elevation Partners, headed by the rocker and Silicon Valley investor Roger McNamee, paid $237.2m for a 45pc stake in Forbes.

That valued the company, best known for its business magazine, at around $525m, but the rise of the internet and the financial crisis has seen the magazine's circulation plummet.

Forbes is now worth an estimated $100m and is struggling to refinance a $50m debt due this summer.

Forbes Media, which lost $19.7m in 2009, had earnings of $10.7m last year on a total revenue of $125m, according to reports.

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