The 20-page insert, which will appear every other week starting in April, will carry four ad pages sold by Fortune and four sold by the local papers, and will reach an estimated circulation of 1.2 million.
"Most of the companies doing business in Latin America are really multinational," said Chris Poleway, associate publisher of Fortune Americas. "Media buying can be very difficult; we're essentially offering one-stop shopping."
The new publication will be a head-to-head competitor with The Wall Street Journal Americas, which Dow Jones launched in 1994. Next month, WSJ Americas adds two newspapers in Brazil that will bring to 18 the number of Latin American papers publishing its two pages of translated material.
Eleven of the papers, with combined circulation of 1.4 million, publish the section five days a week. The other seven, with a combined circulation of 750,000, publish once a week.
A color page in Fortune Americas costs $85,000; a b&w page is $68,000. WSJ Americas charges $79,650 for a b&w page in 15 of the 16 papers now carrying the section.
Fortune's move comes as the once-volatile Latin American market has stabilized. Zenith Media projects that next year Latin American media spending will grow 12.1% to $21.9 billion-nearly three times the projected North American market expansion of 4.6% to $110.3 billion.
For Fortune, the new edition represents a commitment to international coverage that's been re- emerging since former Wall Street Journal editor Norm Pearlstine took over as editor in chief of Time Inc. in early 1995. Shortly thereafter, he promoted ex-Journal colleague John Huey to Fortune managing editor.
"It's smart marketing," said Eric Scheck, VP-international at BBDO Worldwide, New York, speaking of both companies' decisions to pursue Latin America through joint ventures. "There will always be first-tier companies like IBM or General Electric that use global branding as a tactical initiative, but the real opportunity in Latin America lies in regional advertisers that have grown beyond