NEW YORK--(BUSINESS WIRE)--
Time Inc. (NYSE: TIME) today announced the acquisition of CCI
Asia-Pacific Ltd., the Hong Kong-based publisher of Fortune China,
Fortune's Chinese-language edition.
"The influence that Fortune China has achieved under CCI Asia-Pacific
Chairman and Editor in Chief Thomas Gorman and his team has been
remarkable," said Steve Marcopoto, President of Time Inc. International.
"We look forward to continuing to support Fortune's role in the coverage
of management expertise, insights and best business practices as the
Chinese economy evolves and grows. We are particularly excited about our
prospects to extend across new digital platforms, in live formats and
through new partnerships in a dynamic market."
CCI Asia-Pacific Ltd., a regional business publisher established in 1975
by Chairman and Editor in Chief Thomas Gorman, launched the Fortune
Chinese-language edition under license from Time Inc. in 1996. Over the
past two decades, the brand has grown into a trusted source of
management insight and advice for executives based in China. With a
total circulation of more than 200,000 in print and digital editions, it
has consistently ranked among China's most widely read business
publications.
"We're proud of what our team has achieved, and pleased that Time Inc.
will continue to support the growth of Fortune in the Chinese market,"
Gorman said. Gorman and his business partner Chan Ching, who are
retiring, will remain advisors to CCI Asia-Pacific Ltd. and Fortune
China.
Canace Chak will remain General Manager and Group Publisher and Derek
Zhang Maiden will continue as Executive Editor for Fortune China.
"Business around the world is in the midst of a period of rapid change
driven by digital technologies, and Fortune has become the leading
source of insights and advice about this transformation," said Fortune
US Editor Alan Murray. "We are excited about the opportunity to
accelerate the digital transformation of the Fortune China business."
Terms of the transaction weren't disclosed.
About Time Inc.
Time Inc. (NYSE: TIME) is one of the world's leading media companies,
with a monthly global print audience of over 120 million and worldwide
digital properties that attract more than 150 million visitors each
month, including over 60 websites. Our influential brands include
People, Sports Illustrated, InStyle, Time, Real Simple and Southern
Living, as well as more than 50 diverse titles in the United Kingdom.
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