Hamburg, 24 June 2005 –
The G+J USA Publishing Company today concluded an agreement to sell the business titles INC and FAST COMPANY to Joseph Mansueto, who will publish them through a new entity formed for this purpose. The deal is expected to close by the end of the month subject to clearance by the U.S. antitrust authorities.
This transaction is coordinated with the sale of G+J´s American magazines FAMILY CIRCLE, CHILD, PARENTS and FITNESS to the Meredith Corporation. G+J has thus realized the opportunity to sell the two business magazines INC and FAST COMPANY to a different publisher. G+J USA employees currently working at the business titles will be taken over by Joseph Mansueto´s newly formed entity.
Mr. Mansueto is the principal owner of Morningstar Inc. and an investor in Time Out Chicago, a cousin of the successful Time Out products in London and New York. G+J USA is a subsidiary of Gruner + Jahr AG ; CO. KG, Europe´s leading publisher.
"I am very pleased that we succeeded in finding a good home for our business titles," said Axel Ganz, Member of the Executive Board of G+J AG and head of the Magazine Division France and USA: "Both magazines will continue to be published in New York after completion of the sale, and their editorial teams, management and employees will continue to develop the titles in a new setting."
"I am delighted at this opportunity to buy two of America´s leading business magazines," said Joseph Mansueto. "I have long been an admirer of both titles. They have everything I consider important in a media company: world-class brands, outstanding management, quality content and loyal readers and advertisers."
Vice President, Media Relations
Gruner + Jahr AG & Co KG
Am Baumwall 11