Cover of the issue dated December 15, 2016, featuring its Investor's Guide
|Frequency||Monthly (1929–1978; 2018–present)|
16 issues per year (2014–2017)
|Publisher||Fortune Media Group Holdings |
|First issue||September 1929|
|Based in||New York City, New York, U.S.|
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.
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.
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 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".
The magazine regularly publishes ranked lists, including the Fortune 500, a ranking of companies by revenue that it has published annually since 1955.
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.
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".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.
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." 15 in 2018). 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.The publication made its official debut in February 1930. Its editor was Luce, managing editor Parker Lloyd-Smith, and art director Thomas Maitland Cleland. Single copies of the first issue cost US$1 ($
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.
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.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 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 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 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 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 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, 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.Currently Fortune is published 14 times a year.
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.
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,Fortune launched its own website at Fortune.com.
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.
On November 9, 2018, it was announced that Meredith Corporation was selling Fortune to Thai billionaire Chatchaval Jiaravanon for $150 million.Jiaravanon is affiliated with the Thailand-based conglomerate Charoen Pokphand Group, which has holdings in agriculture, telecommunications, retail, pharmaceutical, and finance.
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:
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,the top editor's title was changed from "managing editor" to "editor" in 2014.
Time is an American weekly news magazine and news website published in New York City. It was founded in 1923 and originally run by Henry Luce. A European edition is published in London and also covers the Middle East, Africa, and, since 2003, Latin America. An Asian edition is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney. In December 2008, Time discontinued publishing a Canadian advertiser edition.
Sports Illustrated (SI) is an American sports magazine owned by Authentic Brands Group. First published in August 1954, it has over 3 million subscribers and is read by 23 million people each week, including over 18 million men.
Forbes is an American business magazine. Published bi-weekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Its headquarters is located in Jersey City, New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek.
Bloomberg Businessweek is an American weekly business magazine published since 2009 by Bloomberg L.P. Businessweek, founded in 1929, aimed to provide information and interpretation about events in the business world. The magazine is headquartered in New York City. The magazine is published 50 times a year.
Money is a personal finance brand and website owned by Ad Practitioners LLC and formerly also a monthly magazine, first published by Time Inc. (1972-2018) and later by Meredith Corporation (2018-2019). Its articles cover the gamut of personal finance topics ranging from investing, saving, retirement and taxes to family finance issues like paying for college, credit, career and home improvement. It is well known for its annual list of "America's Best Places to Live".
Meredith Corporation is an American media conglomerate based in Des Moines, Iowa. The company owns magazines, television stations, websites, and radio stations. Meredith's publications have a readership of more than 120 million, paid circulation of more than 40 million, and its websites have nearly 135 million monthly unique visitors. Meredith's broadcast television stations reach 11% of U.S. households.
Fast Company is a monthly American business magazine published in print and online that focuses on technology, business, and design. It publishes eight print issues per year.
Inc. is an American business magazine founded in 1979 and based in New York City. It publishes eight print issues annually, as well as daily online articles and videos.
Andrew "Andy" Serwer is an American journalist and editor in chief of Yahoo! Finance. He is best known for serving as managing editor of Fortune from 2006 to 2014. He is based in Manhattan.
Travel + Leisure is a travel magazine based in New York City, New York. Published 12 times a year, it has 4.8 million readers, according to its corporate media kit. It is owned and published by Meredith Corporation. Its main competitors are Condé Nast Traveler and National Geographic Traveler.
Time Inc. was an American worldwide mass media corporation founded on November 28, 1922, by Henry Luce and Briton Hadden and based in New York City. It owned and published over 100 magazine brands, including its namesake Time, Sports Illustrated, Travel + Leisure, Food & Wine, Fortune, People, InStyle, Life, Golf Magazine, Southern Living, Essence, Real Simple, and Entertainment Weekly. It also had subsidiaries which it co-operated with the UK magazine house Time Inc. UK, whose major titles include What's on TV, NME, Country Life, and Wallpaper. Time Inc. also co-operated over 60 websites and digital-only titles including MyRecipes, Extra Crispy, TheSnug, HelloGiggles, and MIMI.
Marshall Robert Loeb was an American author, editor, commentator and columnist specializing in business matters, who spent 38 years in the Time Inc. publication network which included service as managing editor of both Fortune and Money magazines. The New York Times called him "one of the most visible and influential editors in the magazine industry".
Hedley Donovan was editor in chief of Time Inc. from 1964 to 1979. In this capacity, he oversaw all of the company's magazine publications, including Time, Life, Fortune, Sports Illustrated, Money, and People. Hand-picked by founder Henry Luce, Donovan redirected the magazine from its historically conservative orientation to a more objective editorial stance, particularly with respect to the Vietnam War. The Hedley Donovan Award was created in 1999 by the Minnesota Magazines and Publications Association to recognize individuals who have shown outstanding lifelong dedication and contributions to Minnesota's magazine industry.
Business Insider is an American financial and business news website published by Insider Inc. It operates international editions in the UK, Australia, China, Germany, France, South Africa, India, Italy, Indonesia, Japan, Malaysia, Netherlands, Northern Europe, Poland, Spain and Singapore. Several International editions are published in local languages: Chinese, Dutch, French, Italian, German, Polish and Japanese. It is owned by the German publishing house Axel Springer SE.
Carol Junge Loomis is an American financial journalist, who retired in 2014 as senior editor-at-large at Fortune magazine.
Ralph "Del" Delahaye Paine Jr. was an American editor and publisher.
AppFolio is a company that was founded in 2006 and offers software-as-a-service (SaaS) applications for vertical markets. AppFolio initially focused on Property Management software. With the acquisition of MyCase in 2012, it expanded into the Law Practice Management industry.
John Huey is an American journalist and publishing executive who served as the editor-in-chief of Time Inc., at the time the largest magazine publisher in the United States, overseeing more than 150 titles, including Time, People, Fortune, Sports Illustrated, Entertainment Weekly and InStyle. He previously served as the editor of Fortune, Atlanta bureau chief of The Wall Street Journal and founding managing editor, and later editor, of The Wall Street Journal Europe. He co-authored the best-selling autobiography of Walmart founder Sam Walton.
The Gerald Loeb Award is given annually for multiple categories of business reporting. Lifetime Achievement awards are given annually "to honor a journalist whose career has exemplified the consistent and superior insight and professional skills necessary to contribute to the public's understanding of business, finance and economic issues." Recipients are given a hand-cut crystal Waterford globe "symbolic of the qualities honored by the Loeb Awards program: integrity, illumination, originality, clarity and coherence." The first Lifetime Achievement Award was given in 1992.