First to get paid in Forbes sale: Bono?

Bono stole the stage with his Bill Clinton impression ahead of a panel discussion at the Clinton Global Initiative annual meeting in New York.
Adam Jeffery | CNBC

If magazine publisher Forbes is ultimately sold, a complicated investment structure means Irish rocker Bono and his partners would actually get the majority of the proceeds, Fortune reported on Saturday.

(Read more: Yet another magazine for sale)

Bono is a backer of the private equity firm Elevation Partners, which Fortune reported put $264 million into Forbes in 2006.

Because Elevation's investment is in preferred shares, Fortune said, it would get the lion's share of any sale proceeds.

Bloomberg reported on Friday that Forbes was seeking $400 million in a sale.

For the full Fortune report, click here.