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[ August 9th 2006 ]

Elevation Partners, the private equity firm helmed by Irish rock star Bono, has become a minority shareholder in a newly formed company, Forbes Media LLC, according to CNN. Terms of the investment were not revealed.

Elevation Partners had originally been pinned as favourite to snap up Eidos plc - the creators of Lara Croft - but ordinary shareholders voted in favour of an all-share offer from rival publisher SCi Entertainment Group in 2005.

Elevation Partners is a newly formed private equity firm that makes large-scale investments in market-leading media, entertainment, and consumer-related businesses.

The company focuses on investing in intellectual property and content oriented businesses, as well as traditional media and entertainment companies.

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