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Elevation Partners, the Silicon Valley private equity firm run by industry Roger McNamee and U2’s Bono, among others, has acquired a minority position in Forbes Media LLC, publisher of Forbes magazine, the New York Times reported.

Forbes Media includes Forbes.com and other business media properties. No financial terms were disclosed, but the NYT reported “some people said that the deal gave Elevation a stake of more than 40 percent at a cost of $250 million to $300 million.”

Steve Forbes told the NYT that Forbes’ business model had been “blasted by the Web.” So makes sense that a West Coast group like Elevation, which was founded as the first private equity firms to go after the new media content and entertainment sector, would be the one to buy into this. The NYT has a good discussion of the challenges for Forbes, and rightly points out that Elevation, despite its focus, doesn’t have any experience with an outfit that has its origin in the print world.