is an Americanmultinationalbusiness magazine headquartered inNew York CityUnited States. It is published by Fortune Media Group Holdings, owned by Thai businessman Chatchaval Jiaravanon. The publication was founded byHenry Lucein 1929. The magazine competes within the national business magazine category and distinguishes itself with long, in-depth feature articles.The magazine regularly publishes ranked lists, including theFortune 500, a ranking of companies by revenue that it has published annually since 1955.
Fortunewas founded byTimeco-founder Henry Luce in 1929 as the Ideal Super-Class Magazine, a distinguished and de luxe publication vividly portraying, interpreting and recording the Industrial Civilization.4Briton Hadden, Luces business partner, was not enthusiastic about the idea which Luce originally thought to titlePower but Luce went forward with it after Haddens sudden death on February 27, 1929.5
In late October 1929, theWall Street Crash of 1929occurred, marking the onset of theGreat Depression. In a memo to the Time Inc. board in November 1929, Luce wrote: We will not be over-optimistic. We will recognize that this business slump may last as long as an entire year.6The publication made its official debut in February 1930. Its editor was Luce, managing editor Parker Lloyd-Smith, and art directorThomas Maitland Cleland.7Single copies of the first issue cost US$1 ($15.00 in 2018).6An urban legend says that Cleland mocked up the cover of the first issue with the $1 price because no one had yet decided how much to charge; the magazine was printed before anyone realized it, and when people saw it for sale, they thought that the magazine must really have worthwhile content. In fact, there were 30,000 subscribers who had already signed up to receive that initial 184-page issue. By 1937, the number of subscribers had grown to 460,000, and the magazine had turned half million dollars in annual profit.8
At a time when business publications were little more than numbers and statistics printed in black and white,Fortunewas an oversized 1114, using creamy heavy paper, and art on a cover printed by a special process.9Fortunewas also noted for its photography, featuring the work ofMargaret Bourke-WhiteAnsel Adams, and others.Walker Evansserved as its photography editor from 1945 to 1965.
During the Great Depression, the magazine developed a reputation for its social conscience, forWalker EvansandMargaret Bourke-Whites color photographs, and for a team of writers includingJames AgeeArchibald MacLeishJohn Kenneth Galbraith, andAlfred Kazin, hired specifically for their writing abilities. The magazine became an important leg of Luces media empire; after the successful launch ofTimein 1923 andFortunein 1930, Luce went on to launchLifein 1936 andSports Illustratedin 1954.
From its launch in 1930 to 1978,Fortunewas published monthly. In January 1978, it began publishing biweekly. In October 2009, citing decliningadvertisingrevenue andcirculation,Fortunebegan publishing every three weeks.1011CurrentlyFortuneis published 14 times a year.12
Marshall Loebwas named managing editor in 1986. During his tenure atFortune, Loeb was credited with expanding the traditional focus on business and the economy with added graphs, charts, and tables, as well as the addition of articles on topics such as executive life and social issues connected to the world of business, including the effectiveness of public schools and on homelessness.13
During the years whenTime Warnerowned Time Inc.,Fortunearticles (as well as those fromMoneymagazine) were hosted m.
In June 2014, after Time Inc. spun off from its corporate parent,14Fortunelaunched its own website at Fortune.com.15
On November 26, 2017, it was announced thatMeredith Corporationwould acquire Time Inc. in a $2.8 billion deal. The acquisition was completed on January 31, 2018.161718
On November 9, 2018, it was announced thatMeredith Corporationwas sellingFortuneto Thai billionaire Chatchaval Jiaravanon for $150 million.19Jiaravanon is affiliated with the Thailand-based conglomerateCharoen Pokphand Group, which has holdings in agriculture, telecommunications, retail, pharmaceutical, and finance.20
Fortuneregularly publishes ranked lists. In thehuman resourcesfield, for example, it publishes a list of theBest Companies to Work For. Lists include companies ranked in order ofgross revenueand business profile, as well as business leaders:
There have been 17 top editors sinceFortunewas conceived in 1929. Following the elimination of theeditor-in-chiefrole at Time Inc. in October 2013,21the top editors title was changed from managing editor to editor in 2014.22
Fortune Battle of the Corporate Bands, an annual music competition for amateur company-sponsored bands
Carmody, Deirdre (May 2, 1994).A Shaper of Magazines Retires.
Fry, Erika (June 2, 2014).What Happened to the First Fortune 500?.
Fortune prospectus. By Henry Luce. Fortune, September 1929, Volume One, Number Zero.
Okrent, Daniel(September 19, 2005).How the World Really Works.
Prez-Peña, Richard(October 23, 2009).Fortune Magazine Will Drop From 25 to 18 Issues a Year.
Prez-Peña, Richard(October 23, 2009).Fortune Media Kit.
Deirdre, Carmody (May 2, 1994).The Media Business; A Shaper of Magazines Retires.
Primack, Dan.Time Inc. Becomes Americas Oldest Startup
Barnett, Megan; Serwer, side the All-New Fortune.com
Meredith Corporation Announces Completion Of Time Inc. Acquisition And Reports Fiscal 2018 Second Quarter And First Half Results(Press release). Meredith Corporation. January 31, 2018
Hays, Kali (February 1, 2018).Time Inc., Now Meredith and More Changes to Come.
Gold, Howard R. (February 1, 2018).Who killed Time Inc.?.
Kelly, Keith J. (November 9, 2018).Thai business tycoon buys Fortune magazine for $150 million
Kaufman, Leslie (October 31, 2013).Reshuffling at Time Inc. to Set Table for Spinoff.
Kile, Daniel.Alan Murray Named Editor of Fortune
Huddleston, Jr., Tom.Fortune Names a New Editor-in-Chief
Complete downloadable list of Fortune 500/1000 Companies 19552008
All Wikipedia articles written in American English
Official website different in Wikidata and Wikipedia
Pages containing links to subscription-only content
This page was last edited on 26 April 2019, at 13:22