Fortune (magazine)

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Fortune
Fortune magazine, December 15, 2016 issue.png
December 15, 2016, issue of Fortune, featuring its Investor's Guide
Editor Clifton Leaf
Categories Business magazines
FrequencyMonthly (1930–1978)
Biweekly (January 1978 – October 2009)
Triweekly (since October 2009)
14 issues per calendar year
Total circulation
(2015)
837,981 [1]
Founder Henry Luce
Year founded1929;90 years ago (1929)
First issueFebruary 1930;89 years ago (1930-02)
CompanyFortune Media Group Holdings
(Chatchaval Jiaravanon)
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, United States. 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] The magazine regularly publishes ranked lists, including the Fortune 500, a ranking of companies by revenue that it has published annually since 1955. [3]

Multinational corporation large corporation doing business in many countries

A multinational corporation (MNC) or worldwide enterprise is a corporate organization which 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 called 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.

United States Federal republic in North America

The United States of America (USA), commonly known as the United States or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.

Contents

History

Fortune was founded by Time 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]

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.

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 ($15.00 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 Stock Market Crash of 1929 or the Great Crash, was a major stock market crash that occurred in late October 1929. It started on October 24 and continued until October 29, 1929, 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 an American landscape photographer and environmentalist known for his black-and-white images of the American West.

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 US, 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, MacLeish was Boylston Professor of Rhetoric and Oratory at Harvard University. MacLeish 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, during which time 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]

Advertising form of communication for marketing, typically paid for

Advertising is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services. Advertising is differentiated from public relations in that an advertiser pays for and has control over the message. It differs from personal selling in that the message is non-personal, i.e., not directed to a particular individual. Advertising is communicated through various mass media, including traditional media such as newspapers, magazines, television, radio, outdoor advertising or direct mail; and new media such as search results, blogs, social media, websites or text messages. The actual presentation of the message in a medium is referred to as an advertisement, or "ad" or advert for short.

A newspaper's circulation is the number of copies it distributes on an average day. Circulation is one of the principal factors used to set advertising rates. Circulation is not always the same as copies sold, often called paid circulation, since some newspapers are distributed without cost to the reader. Readership figures are usually higher than circulation figures because of the assumption that a typical copy of the newspaper is read by more than one person.

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 April 27, 2016.
  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. https://www.vanityfair.com/news/2018/11/fortune-magazine-sale-chatchaval-jiaravanon
  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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