Fortune

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Fortune
Fortune.jpg
Founded 1930
Headquarters New York City, NY
Key People Managing editor Andy Serwer, Time Inc. editor-in-chief John Huey
Products Fortune, Money, Fortune Small Business, CNNMoney.com
Website http://money.cnn.com/magazines/fortune/

Fortune magazine, the flagship publication of parent company Time Warner's Fortune/Money media group, is best known for its annually published Fortune 500 list of the largest corporations in America, plus several other widely-cited business ranking tables. Fortune's global circulation is around one million and it gains valuable worldwide television presence by linking with Time Warner media stablemates CNN and Money magazine.

Brief Background

Fortune magazine was founded in 1930 by legendary Time magazine founder Henry R. Luce and today claims circulation of one million and a global readership of five million. The magazine's website is part of the CNNMoney.com site that claims to be the Internet's largest business destination with 10 million unique monthly visitors.[1]

Fortune ranked number 26 on Advertising Age's Magazine 300 list of the leading magazines in the U.S. by estimated total gross revenue, down from 23 in 2006, in a competitive marketplace.[2] Main rival Forbes improved from 19th place to 18th on the list another strong competitor, BusinessWeek, also dropped three spots to number 20 in the 2007 list. The Magazine 300 estimated Fortune's total gross revenue for 2006 at $338 million compared to $400 million for Forbes and $371 million for BusinessWeek.

The 500

Fortune's own yearly Fortune 500 ranking list of America's largest corporations by annual revenue is one of business publishing's best-known franchises and has expanded both abroad (Fortune Global 500) and domestically (Fortune 100 Best Companies to work). Wal-Mart Stores topped the 2007 Forbes 500,[3] displacing former titleholder and now fourth-placed General Electric, and also topped the 2007 Forbes Global 500 over Exxon-Mobil, Royal Dutch Shell, BP and Toyota.[4]

Key People

Managing editor Andy Serwer,[5] appointed in October 2006, is a familiar face to cable-news viewers as the former business anchor for CNN's American Morning broadcast and a commentator on financial issues. He was previously Fortune's editor-at-large from 1998 until 2006, when he wrote the popular "Street Life" column. Serwer became boss at Fortune several months after former Fortune editor-in-chief John Huey[6] was promoted from Time Inc. editorial director to editor-in-chief in early 2006. Huey had previously served as editorial director since 2001 following his promotion from Fortune.

Latest News

Fortune recently teamed up with Dubai-based private investment firm Legatum to launch a $1 million prize for a technology development that improves the quality of life of impoverished people worldwide.[7] Competitors will be nonminated by a panel of global technology experts and the judging panel will be headed by Iqbal Z. Quadir, Director of the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology.

References

  1. LEGATUM AND FORTUNE TEAM UP TO AWARD FIRST-EVER $1,000,000 PRIZE FOR TECHNOLOGY AND DEVELOPMENT. Time Inc..
  2. TOP 300 MAGAZINES Ranked by estimated total advertising and circulation gross revenue in 2006. Advertising Age.
  3. FORTUNE 500. Fortune.
  4. FORTUNE Global 500 List Confirms Major Shake-up in Us Economy with Fewest Us Companies on List in More Than a Decade. Business Wire.
  5. Andrew Serwer, Managing Editor, FORTUNE. Fortune.
  6. John Huey, Editor–in–Chief, Time Inc.. Time Warner.
  7. ibid.. Time Inc..
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