New York—G + J USA Publishing, a unit of Bertelsmann AG, officially reached an agreement Saturday to sell selected assets and liabilities of its Inc. and Fast Company magazines to a newly formed publishing entity controlled by Joe Mansueto.
"I am delighted to acquire two of the nation’s leading business magazines," Mansueto said in a press release. "I have long admired both publications. They have everything I look for in a media company: world-class brands, exceptional management, high-quality content and loyal readers and advertisers."
Mansueto is the principal owner of Morningstar and an investor in Time Out Chicago.
The acquisition is expected to close by the end of the month subject to Justice Department approval. The price for the magazines is said to be between $30 million and $40 million.