'Fortune' Details Big Financial Problems at 'Forbes'
Steve Forbes says article's 'intention is to harm our business'
In a new article, Fortune reveals the details behind the financial troubles of its rival, Forbes. According to internal documents obtained by Fortune, Forbes’ finances have been even worse than most had estimated.
In 2006, near the height of the market, private equity firm Elevation Partners (co-founded by Bono and Roger McNamee) bought a minority stake in Forbes Media. But according to documents from banker J.P. Morgan acquired by Fortune, that investment has proved to be a disaster.
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