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Morningstar's Mansueto reportedly reaches agreement to buy 'Inc.,' 'Fast Company'

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Chicago—Joseph Mansueto, chairman-CEO of investment research firm Morningstar, has reached a tentative agreement to acquire Inc. and Fast Company magazines from Gruner + Jahr USA, according to people familiar with matter.

"It’s a done deal," said one source, who expected an official announcement this week. The price is said to be between $35 million and $40 million, and Mansueto, who has an ownership stake in Time Out Chicago, was said to outbid the Economist Group for the two titles.

The expected price is significantly below the approximately $565 million G+J paid for the two magazines. The deal would complete the exit of Bertelsmann AG, the owner of G+J, from the U.S. magazine market. G+J agreed to sell its consumer titles, including Parents , to Meredith Corp. last month.

–Sean Callahan

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