Fortune (magazine)

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Fortune
FORTUNE-LOGO-2016.png
Fortune magazine, December 15, 2016 issue.png
Cover of the issue dated December 15, 2016, featuring its Investor's Guide
Editor Clifton Leaf
Categories Business magazines
FrequencyMonthly (1929–1978; 2018–present)
Biweekly (1978–2009)
Triweekly (2009–2014)
16 issues per year (2014–2017)
PublisherFortune Media Group Holdings
(Chatchaval Jiaravanon)
Total circulation
(2018)
852,202 [1]
Founder Henry Luce
Year founded1929;90 years ago (1929)
First issueSeptember 1929;90 years ago (1929-09)
CountryUnited States
Based in New York City, New York, U.S.
LanguageEnglish
Website fortune.com
ISSN 0015-8259

Fortune is an American multinational business magazine headquartered in New York City. It is published by Fortune Media Group Holdings, owned by Thai businessman Chatchaval Jiaravanon. The publication was founded by Henry Luce in 1929. The magazine competes with Forbes and Bloomberg Businessweek in the national business magazine category and distinguishes itself with long, in-depth feature articles. [2]

Multinational corporation Corporation operating in multiple countries

A multinational corporation (MNC) or worldwide enterprise is a corporate organization that owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can also be referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise.

New York City Largest city in the United States

The City of New York, usually referred to as either New York City (NYC) or simply New York (NY), is the most populous city in the United States. With an estimated 2018 population of 8,398,748 distributed over a land area of about 302.6 square miles (784 km2), New York is also the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 19,979,477 people in its 2018 Metropolitan Statistical Area and 22,679,948 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural, financial, and media capital of the world, and exerts a significant impact upon commerce, entertainment, research, technology, education, politics, tourism, art, fashion, and sports. The city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.

Henry Luce American publisher

Henry Robinson Luce was an American magazine magnate who was called "the most influential private citizen in the America of his day". He launched and closely supervised a stable of magazines that transformed journalism and the reading habits of millions of Americans. Time summarized and interpreted the week's news; Life was a picture magazine of politics, culture, and society that dominated American visual perceptions in the era before television; Fortune reported on national and international business; and Sports Illustrated explored the world of sports. Counting his radio projects and newsreels, Luce created the first multimedia corporation. He envisaged that the United States would achieve world hegemony, and, in 1941, he declared the 20th century would be the "American Century".

Contents

The magazine regularly publishes ranked lists, including the Fortune 500, a ranking of companies by revenue that it has published annually since 1955. [3]

<i>Fortune</i> 500 Annual list compiled and published by Fortune magazine

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along with privately held companies for which revenues are publicly available. The concept of the Fortune 500 was created by Edgar P. Smith, a Fortune editor, and the first list was published in 1955. The Fortune 500 is more commonly used than its subset Fortune 100 or superset Fortune 1000.

History

Fortune was founded by The Atlantic Monthly Company co-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". [4] Briton Hadden, Luce's business partner, was not enthusiastic about the idea – which Luce originally thought to title Power – but Luce went forward with it after Hadden's sudden death on February 27, 1929. [5]

Briton Hadden American businessman

Briton Hadden was the co-founder of Time magazine with his Yale classmate Henry Luce. He was Time's first editor and the inventor of its revolutionary writing style, known as Timestyle. Though he died at 31, he was considered one of the most influential journalists of the twenties, a master innovator and stylist, and an iconic figure of the Jazz Age.

In late October 1929, the Wall Street Crash of 1929 occurred, marking the onset of the Great 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." [6] The publication made its official debut in February 1930. Its editor was Luce, managing editor Parker Lloyd-Smith, and art director Thomas Maitland Cleland. [7] Single copies of the first issue cost US$1 ($15 in 2018). [6] An 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]

Wall Street Crash of 1929 Stock market crash of 1929

The Wall Street Crash of 1929, also known as the Great Crash, was a major stock market crash that occurred in late October 1929. It started late October and ended later that month, when share prices on the New York Stock Exchange collapsed.

Great Depression 20th-century worldwide economic depression

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations; in most countries, it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how intensely the world's economy can decline.

Thomas Maitland Cleland was an American book designer, painter, illustrator, and type designer.

At a time when business publications were little more than numbers and statistics printed in black and white, Fortune was an oversized 11"×14", using creamy heavy paper, and art on a cover printed by a special process. [9] Fortune was also noted for its photography, featuring the work of Margaret Bourke-White, Ansel Adams, and others. Walker Evans served as its photography editor from 1945 to 1965.

Margaret Bourke-White American photographer

Margaret Bourke-White was an American photographer and documentary photographer. She is best known as the first foreign photographer permitted to take pictures of Soviet industry under the Soviet's five-year plan, the first American female war photojournalist, and having one of her photographs on the cover of the first issue of Life magazine. She died of Parkinson's disease about eighteen years after developing symptoms.

Ansel Adams American photographer and environmentalist

Ansel Easton Adams was a landscape photographer and environmentalist known for his black-and-white images of the American West. He helped found Group f/64, an association of photographers advocating "pure" photography which favored sharp focus and the use of the full tonal range of a photograph. He and Fred Archer developed an exacting system of image-making called the Zone System, a method of achieving a desired final print through a deeply technical understanding of how tonal range is recorded and developed in exposure, negative development, and printing. The resulting clarity and depth of such images characterized his photography.

Walker Evans American photographer

Walker Evans was an American photographer and photojournalist best known for his work for the Farm Security Administration (FSA) documenting the effects of the Great Depression. Much of Evans's work from the FSA period uses the large-format, 8×10-inch (200×250 mm) view camera. He said that his goal as a photographer was to make pictures that are "literate, authoritative, transcendent".

During the Great Depression, the magazine developed a reputation for its social conscience, for Walker Evans and Margaret Bourke-White's color photographs, and for a team of writers including James Agee, Archibald MacLeish, John Kenneth Galbraith, and Alfred Kazin, hired specifically for their writing abilities. The magazine became an important leg of Luce's media empire; after the successful launch of Time in 1923 and Fortune in 1930, Luce went on to launch Life in 1936 and Sports Illustrated in 1954.

James Agee American author, journalist, poet, screenwriter and film critic

James Rufus Agee was an American novelist, journalist, poet, screenwriter and film critic. In the 1940s, he was one of the most influential film critics in the U.S. His autobiographical novel, A Death in the Family (1957), won the author a posthumous 1958 Pulitzer Prize.

Archibald MacLeish American poet and Librarian of Congress

Archibald MacLeish was an American poet and writer who was associated with the modernist school of poetry. MacLeish studied English at Yale University and law at Harvard University. He enlisted in and saw action during the First World War and lived in Paris in the 1920s. On returning to the United States, he contributed to Henry Luce's magazine Fortune from 1929 to 1938. For five years MacLeish was Librarian of Congress, a post he accepted at the urging of President Franklin D. Roosevelt. From 1949 to 1962, he was Boylston Professor of Rhetoric and Oratory at Harvard University. He was awarded three Pulitzer Prizes for his work.

John Kenneth Galbraith American economist and diplomat

John Kenneth Galbraith, also known as Ken Galbraith, was a Canadian-born economist, public official and diplomat, and a leading proponent of 20th-century American liberalism. His books on economic topics were bestsellers from the 1950s through the 2000s, a time during which Galbraith fulfilled the role of public intellectual. As an economist, he leaned toward post-Keynesian economics from an institutionalist perspective.

From its launch in 1930 to 1978, Fortune was published monthly. In January 1978, it began publishing biweekly. In October 2009, citing declining advertising revenue and circulation, Fortune began publishing every three weeks. [10] [11] Currently Fortune is published 14 times a year. [12]

Marshall Loeb was named managing editor in 1986. During his tenure at Fortune, 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 when Time Warner owned Time Inc., Fortune articles (as well as those from Money magazine) were hosted at CNNMoney.com.

In June 2014, after Time Inc. spun off from its corporate parent, [14] Fortune launched its own website at Fortune.com. [15]

On November 26, 2017, it was announced that Meredith Corporation would acquire Time Inc. in a $2.8 billion deal. The acquisition was completed on January 31, 2018. [16] [17] [18]

On November 9, 2018, it was announced that Meredith Corporation was selling Fortune to Thai billionaire Chatchaval Jiaravanon for $150 million. [19] Jiaravanon is affiliated with the Thailand-based conglomerate Charoen Pokphand Group, which has holdings in agriculture, telecommunications, retail, pharmaceutical, and finance. [20]

Fortune lists

Fortune regularly publishes ranked lists. In the human resources field, for example, it publishes a list of the Best Companies to Work For. Lists include companies ranked in order of gross revenue and business profile, as well as business leaders:

List of editors

There have been 17 top editors since Fortune was conceived in 1929. Following the elimination of the editor-in-chief role at Time Inc. in October 2013, [21] the top editor's title was changed from "managing editor" to "editor" in 2014. [22]

See also

Footnotes

  1. "Audience". Time Inc. Retrieved June 22, 2019.
  2. Carmody, Deirdre (May 2, 1994). "A Shaper of Magazines Retires". New York Times. Retrieved August 2, 2014.
  3. Fry, Erika (June 2, 2014). "What Happened to the First Fortune 500?". Fortune. Retrieved August 2, 2014.
  4. Fortune prospectus. By Henry Luce. Fortune, September 1929, Volume One, Number Zero.
  5. Henry Luce & His Time by Joseph Epstein, Commentary , Vol. 44, No. 5, November 1967.
  6. 1 2 Okrent, Daniel (September 19, 2005). "How the World Really Works". Fortune.
  7. "Current Magazines". The New York Times . February 2, 1930.
  8. Massey, Laura (December 11, 2010). "Fortune". Peter Harrington London. Retrieved August 10, 2014.
  9. Background.
  10. Pérez-Peña, Richard (October 23, 2009). "Fortune Magazine Will Drop From 25 to 18 Issues a Year". The New York Times .
  11. Pérez-Peña, Richard (October 23, 2009). "Fortune Media Kit". The New York Times .
  12. "Fortune Magazine Subscription". subscription.fortune.com. Retrieved February 6, 2018.
  13. Deirdre, Carmody (May 2, 1994). "The Media Business; A Shaper of Magazines Retires". The New York Times . Retrieved February 10, 2009.
  14. Primack, Dan. "Time Inc. Becomes America's Oldest Startup" . Retrieved July 30, 2014.
  15. Barnett, Megan; Serwer, Andy. "Inside the All-New Fortune.com" . Retrieved July 30, 2014.
  16. "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. Retrieved February 10, 2018.
  17. Hays, Kali (February 1, 2018). "Time Inc., Now Meredith and More Changes to Come". Women's Wear Daily . Retrieved February 10, 2018.
  18. Gold, Howard R. (February 1, 2018). "Who killed Time Inc.?". Columbia Journalism Review . Retrieved February 10, 2018.
  19. “Everybody’s Very, Very Positive About This”: Fortune’s New Buyer Isn’t Marc Benioff—But for $150 Million, Who Cares! | Vanity Fair
  20. Kelly, Keith J. (November 9, 2018). "Thai business tycoon buys Fortune magazine for $150 million" . Retrieved December 25, 2018.
  21. Kaufman, Leslie (October 31, 2013). "Reshuffling at Time Inc. to Set Table for Spinoff". The New York Times . Retrieved August 30, 2014.
  22. Kile, Daniel. "Alan Murray Named Editor of Fortune" . Retrieved August 30, 2014.
  23. Huddleston, Jr., Tom. "Fortune Names a New Editor-in-Chief" . Retrieved March 15, 2017.

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