Sale Of Inc., Fast Company To Chicago Investor For About $40 Million Done Deal

Gruner + Jahr’s sale of Inc. and Fast Company to Joe Mansueto, chairman and CEO of investment research firm Morningstar, is all but done according to Folio and Business Week. The price tag for the two business titles: a reported $40 million. Mansueto reportedly will keep Fast Company intact and will leave both magazines in New York. He’s portrayed by an anonymous source in Folio almost as a winner by default after “professional” publishing companies “walked away.” The magazines had $120 million in combined advertising revenue in 2004 – Inc. accounted for $83 million — but one theory running through the reports is Mansueto, who took Morningstar public in May, will have to spend serious money post-sale to pull this off. Meanwhile, the New York Post says Mansueto was recruited by John Byrne, editor in chief of Fast Company.
Related: First Bids For FC, Inc In $40-50 Million Range

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