(sub. req.): Bono, lead singer for rock band U2 and antipoverty activist, is joining Elevation Partners, a new Silicon Valley fund set up earlier this year by veteran technology investor Roger McNamee and John Riccitiello, who in April left his post as president of videogame maker Electronic Arts for Elevation.
The participation of Bono should sharply raise the profile of Elevation, which people familiar with the fund say initially will raise $1 billion for buyouts and investments in media and entertainment companies, seeking to profit from turmoil in those sectors.
It is expected to look for investment opportunities in media and entertainment companies disrupted by the advent of the Internet and other digital technologies. Music, movies, publishing and other traditional media industries are grappling with how to exploit new distribution means — including the Internet or cellular phones — while stemming piracy that such technologies enable.
Related: Videogame Pioneer Sets Up Media Fund
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