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.