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Joe Mansueto, AB ’78, MBA ’80, the founder of newly-public Morningstar, Inc. has agreed to buy Fast Company and INC Magazine for a reported $35-40 million. The seller is Gruner + Jahr, the international magazine and newspaper publishing arm of Germany’s Bertelsmann.
An article in the June 27 issue of Crain’s Chicago Business quotes Kurt Hanson, AB ’77, MBA ’80, Mansueto’s college roommate and a former business partner, as saying the deal is in line with Morningstar’s initial product, reports on mutual funds. Currently, Mansueto has a publishing stake in TimeOut Chicago, a weekly arts and entertainment magazine
Mansueto, according to the Chicago Sun-Times (June 28), feels "These are two brands with a lot of potential in terms of Web sites and conferences. These are platforms. My plan is to kind of nurture them, make them stronger."
The story of how Mansueto started the company in his Chicago apartment and grew it into a globally-recognized firm valued at $1.1 billion is legend. You can read more about Mansueto in a Chicago GSB Magazine article.