Bloomberg Is Not Interested in Acquiring Fortune, Per Source
Fortune is one of four former Time Inc. titles reportedly on the block at Meredith Corp.
Updated Wednesday, March 21 at 5:23 pm.
Contrary to speculation that it had emerged as a suitor to acquire Fortune from Meredith Corp., a source with knowledge of the situation tells Folio: that Bloomberg is not interested in making an offer for the 88 year-old business magazine, and no such deal is imminent.
Fortune is one of four magazines being shopped around by Meredith following the completion of its $2.8 billion takeover of Time Inc. at the end of January (Time, Sports Illustrated, and Money are the other three).
Reps for both Bloomberg and Meredith declined to comment on this story.
Meredith—the Des Moines, Iowa-based publisher of titles like Better Homes & Gardens and Martha Stewart Living—announced that it had completed a sale of Time Inc.’s former UK division on Monday, and is on Wednesday announced plans to lay off 1,200 employees over the next 10 months in an effort to reduce annual costs by $400 to $500 million.
Bloomberg Businessweek, which Bloomberg acquired from McGraw-Hill in 2009, is a competitor to Fortune, along with Forbes and Mansueto Ventures’ Fast Company.