Bono Buys Into Forbes, Launches Product Red in US and Expands His Brand.

Bruce Nussbaum

U2 singer Bono, aka Paul David Hewson, is on a fascinating capitalist roll, buying into Forbes.com and Forbes magazine through an entertainment private equity fund called Elevation Partners .

At the same time, Bono is poised to expand his Product Red initiative to the US. Launched at the World Economic Forum in Davos last January, Bono persuaded American Express, Armani, Gap, and other companies to donate 1% of what consumers spend, using a special red AMEX credit card, to fight AIDS in Africa. Boston-based ad agency Modernista, working on this account.

I understand Bono's Product Red initiative. Bono has long been involved in the fight against AIDs. He traveled throughout Africa with the US Treasury Secretary years ago for this. It's terrific that this rock & roller is so socially active. And his involvement enhances his "brand" image as well. Buying into Forbes takes Bono into strictly business space (Forbes Capitalist Too). Will it enhance his image as lead singer for U2? Probably not. It will enhance his rep as savvy business person.