teruterubozu
Member
or his Financing company???
http://www.reuters.co.uk/newsArticl...94023§ion=finance&src=rss/uk/businessNews
http://www.reuters.co.uk/newsArticl...94023§ion=finance&src=rss/uk/businessNews
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EIDOS SOLD
- Thread starter teruterubozu
- Start date
teruterubozu
Member
Suite Pee said:
Couldn't wait to tell someone that could you?
It's here as well.
http://www.gamesfilter.com/article.cfm?id=88
That's Bono's venture capital company.
http://www.gamesfilter.com/article.cfm?id=88
That's Bono's venture capital company.
MightyHedgehog
Member
Alright! Suffer you bastards! Suffer! But I hope they live on, though. I just want them to SUFFER!
Fund Notes: U2 Frontman Bono Lifts Elevation Partners
VCJ Staff
Aug 1, 2004
Rock n' roll is good for business. Just ask Roger McNamee, co-founder of venture firm Integral Capital Partners and buyout shop Silver Lake Partners and lead guitarist for the Flying Other Brothers.
McNamee has a new gig-a media and entertainment private equity firm called Elevation Partners-that recently added U2 lead singer Bono to its roster of managing partners.
Although no official announcement was made, Venture Capital Journal confirmed that the 44-year-old Bono will join Elevation Partners, which plans to raise $1 billion.
Bono-who's given name is Paul David Hewson-came to the fund through McNamee, who has known him for a couple of years. As part of the Flying Other Brothers, which started out as a Grateful Dead tribute band, he has been involved with the entertainment industry for years. Bono once sought McNamee's advice on a deal, according to a source familiar with the fund.
Elevation Partners will largely do buyouts, but it will also have the flexibility to infuse capital into distressed public companies and buy catalogues of music and videos, according to a source familiar with the fund's plans. It has no plans to do venture capital deals. "The basic thesis is that the entertainment business is big and growing, but it's being attacked by technology," the source says. "Most of the entertainment managers are afraid of technology and have taken a defensive position."
Elevation expects to hold a first close by the end of summer and raise the bulk of its money by the end of the year. It has hired Merrill Lynch to act as its placement agent.
The firm was started earlier this year by McNamee and John Riccitiello, former president of video game maker Electronic Arts. They were later joined by Fred Anderson, former CFO of Apple Computer, Mark Bodnick, a founding principal of Silver Lake, and Bret Pearlman, former senior managing director of buyout shop The Blackstone Group. Bono will be a managing director along with McNamee and the others and will have an equal share of the carry, the source says.
Bono may seem like a strange addition to the group of managing partners, but the source says he will be a good fit. With his deep ties to the entertainment industry, the rock n' roller will be called on to source deals, do due diligence on people, companies and entertainment properties, recruit talent and impart his overall vision about the industry. He will also advise management and talent of entertainment companies that Elevation Partners becomes involved with. Bono has already brought "several" potential deals to the table the partners are looking at, the source says.
It is unlikely that Bono will show up for traditional Monday morning partnership meetings. However, "he will be kept apprised of things that they're working on, and as a member of the investment committee he'll vote on any potential investments with the rest of the team," the source says.
VCJ Staff
Aug 1, 2004
Rock n' roll is good for business. Just ask Roger McNamee, co-founder of venture firm Integral Capital Partners and buyout shop Silver Lake Partners and lead guitarist for the Flying Other Brothers.
McNamee has a new gig-a media and entertainment private equity firm called Elevation Partners-that recently added U2 lead singer Bono to its roster of managing partners.
Although no official announcement was made, Venture Capital Journal confirmed that the 44-year-old Bono will join Elevation Partners, which plans to raise $1 billion.
Bono-who's given name is Paul David Hewson-came to the fund through McNamee, who has known him for a couple of years. As part of the Flying Other Brothers, which started out as a Grateful Dead tribute band, he has been involved with the entertainment industry for years. Bono once sought McNamee's advice on a deal, according to a source familiar with the fund.
Elevation Partners will largely do buyouts, but it will also have the flexibility to infuse capital into distressed public companies and buy catalogues of music and videos, according to a source familiar with the fund's plans. It has no plans to do venture capital deals. "The basic thesis is that the entertainment business is big and growing, but it's being attacked by technology," the source says. "Most of the entertainment managers are afraid of technology and have taken a defensive position."
Elevation expects to hold a first close by the end of summer and raise the bulk of its money by the end of the year. It has hired Merrill Lynch to act as its placement agent.
The firm was started earlier this year by McNamee and John Riccitiello, former president of video game maker Electronic Arts. They were later joined by Fred Anderson, former CFO of Apple Computer, Mark Bodnick, a founding principal of Silver Lake, and Bret Pearlman, former senior managing director of buyout shop The Blackstone Group. Bono will be a managing director along with McNamee and the others and will have an equal share of the carry, the source says.
Bono may seem like a strange addition to the group of managing partners, but the source says he will be a good fit. With his deep ties to the entertainment industry, the rock n' roller will be called on to source deals, do due diligence on people, companies and entertainment properties, recruit talent and impart his overall vision about the industry. He will also advise management and talent of entertainment companies that Elevation Partners becomes involved with. Bono has already brought "several" potential deals to the table the partners are looking at, the source says.
It is unlikely that Bono will show up for traditional Monday morning partnership meetings. However, "he will be kept apprised of things that they're working on, and as a member of the investment committee he'll vote on any potential investments with the rest of the team," the source says.
teruterubozu
Member
I guess Bono was walking around the Eidos offices the other day - according to shareholders.
So that makes sense.
Also "Elevation" - isn't that a U2 song as well?
So that makes sense.
Also "Elevation" - isn't that a U2 song as well?
fennec fox
ferrets ferrets ferrets ferrets FERRETS!!!
I heard that if Paul Wolfowitz's nomination as head of the World Bank is shot down, then Bono is a serious candidate. Eidos could have the leader of the World Bank financing it! Finally, someone can out-budget EA! Is Whiplash 2 near?Enigma said:
:lol :lol :lol
Amused_To_Death
Member
It's a venture capital company, means they'll cut the fat, repackage the goods and sell it in chunks for profit. Elevation doesn't want to own EIDOS, they're trying to make money off the deal. EIDOS was great while it lasted, RIP. Brits have to root for SCI now...
Naked Snake
Member
How do you pronounce EIDOS?