New York--Continuing its efforts to turn the company's fortunes around, Bertelsmann AG's Gruner + Jahr publishing unit on Tuesday said it was buying Fast Company
magazine from real estate tycoon Mort Zuckerman. Terms of the transaction were not disclosed, but reports pegged the amount between $490 million and $500 million. The sale to Gruner + Jahr comes after both Conde Nast and Time Inc. were rebuffed in their efforts to acquire the business publication, which was launched in 1995 by two editors of the Harvard Business Review
with a $20 million investment from Zuckerman. The deal comes just a few months after Gruner + Jahr bought small-business bible Inc.
for $200 million.