Forbes.com Starts Downsizing

Elevation Partners' Roger McNamee will be replaced by his colleague Bre Pearlman on the board of Forbes Media, according to a report from the New York Post.  In doing so, the business publication will change its strategy of investing in the web to aggressive cost-cutting.  In 2006, Elevation Partners invested roughly $250 million for a 40% equity stake in Forbes Media.  (Disclaimer: FinancialContent, a sponsor of this blog, provides stock market data to Forbes Media.)