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June 27, 2005

Gruner & Jahr USA Sells Pierce Mattie's Favorite Magazine; Fast Company

Gruner & Jahr USA said over the weekend that it had agreed to sell two of its business magazines, Inc. and Fast Company, to Joe Mansueto, the founder and chief executive of Morningstar, a mutual fund information service. The price is about $35 million, according to a person familiar with the deal. Now, am I only the CEO on this planet that loves Fast Company. I really do. The articles are genius, they really do help if you apply them to your practice. The media is too hard on Fast Company.

With the sale, Gruner & Jahr, the publishing arm of the German conglomerate Bertelsmann, exits the publishing side of the United States magazine arena; the company still operates a printing facility here. Last month, Gruner & Jahr announced a deal to sell four of its magazines - Family Circle, Parents, Child and Fitness - to the Meredith Corporation for $350 million.

Under the terms of the deal, according to the person familiar with it, Mr. Mansueto will assume the liabilities of the two magazines - primarily contractual obligations to deliver magazines and other services.

Gruner & Jahr bought Inc. magazine five years ago from Bernard Goldhirsch for about $200 million and Fast Company from Mortimer Zuckerman for $350 million, at the height of the Internet boom. A huge difference in prices compared to what they are selling it for today. Who was the genius that scammed that deal back in 2000. I am sure they are not burned at the stake.

Posted by sergeg at June 27, 2005 11:36 PM

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