''Fortune'' is an American multinational
business magazine headquartered in New York City
. It is published by Fortune Media Group Holdings, owned by Thai businessman Chatchaval Jiaravanon. The publication was founded by Henry Luce
in 1929. The magazine competes with ''Forbes
'' and ''Bloomberg Businessweek
'' in the national business magazine category and distinguishes itself with long, in-depth feature articles.
The magazine regularly publishes ranked lists, including the Fortune 500
, a ranking of companies by revenue
that it has published annually since 1955. The magazine is also known for its annual ''Fortune Investor's Guide''.
''Fortune'' was founded by The Atlantic Monthly Company co-founder Henry Luce in 1929 as "the Ideal Super-Class Magazine", a "distinguished and de luxe" publication "vividly portraying, interpreting and recording the Industrial Civilization". Briton Hadden
, Luce's business partner, was not enthusiastic about the idea – which Luce originally thought to title ''Power'' – but Luce went forward with it after Hadden's sudden death on February 27, 1929.
In late October 1929, the Wall Street Crash of 1929
occurred, marking the onset of the Great Depression
. In a memo to the Time Inc.
board in November 1929, Luce wrote: "We will not be over-optimistic. We will recognize that this business slump may last as long as an entire year."
The publication made its official debut in February 1930. Its editor was Luce, managing editor Parker Lloyd-Smith, and art director Thomas Maitland Cleland
Single copies of the first issue cost US$1 ($ in ).
An urban legend says that Cleland mocked up the cover of the first issue with the $1 price because no one had yet decided how much to charge; the magazine was printed before anyone realized it, and when people saw it for sale, they thought that the magazine must really have worthwhile content. In fact, there were 30,000 subscribers who had already signed up to receive that initial 184-page issue. By 1937, the number of subscribers had grown to 460,000, and the magazine had turned half million dollars in annual profit.
At a time when business publications were little more than numbers and statistics printed in black and white, ''Fortune'' was an oversized 11"×14", using creamy heavy paper, and art on a cover printed by a special process.
''Fortune'' was also noted for its photography, featuring the work of Margaret Bourke-White
, Ansel Adams
, and others. Walker Evans
served as its photography editor from 1945 to 1965.
During the Great Depression, the magazine developed a reputation for its social conscience
, for Walker Evans
and Margaret Bourke-White
's color photographs, and for a team of writers including James Agee
, Archibald MacLeish
, John Kenneth Galbraith
, and Alfred Kazin
, hired specifically for their writing abilities. The magazine became an important leg of Luce's media empire; after the successful launch of ''Time
'' in 1923 and ''Fortune'' in 1930, Luce went on to launch ''Life
'' in 1936 and ''Sports Illustrated
'' in 1954.
From its launch in 1930 to 1978, ''Fortune'' was published monthly. In January 1978, it began publishing biweekly. In October 2009, citing declining advertising
revenue and circulation
, ''Fortune'' began publishing every three weeks. As of 2018, ''Fortune'' is published 14 times a year.
was named managing editor in 1986. During his tenure at ''Fortune'', Loeb was credited with expanding the traditional focus on business and the economy with added graphs, charts, and tables, as well as the addition of articles on topics such as executive life and social issues connected to the world of business, including the effectiveness of public schools and on homelessness.
During the years when Time Warner
owned Time Inc., ''Fortune'' articles (as well as those from ''Money
'' magazine) were hosted at CNNMoney.com
In June 2014, after Time Inc. spun off from its corporate parent, ''Fortune'' launched its own website at Fortune.com.
On November 26, 2017, it was announced that Meredith Corporation
would acquire Time Inc. in a $2.8 billion deal. The acquisition was completed on January 31, 2018.
On November 9, 2018, it was announced that Meredith Corporation
was selling ''Fortune'' to Thai billionaire Chatchaval Jiaravanon for $150 million. Jiaravanon is affiliated with the Thailand-based conglomerate Charoen Pokphand Group
, which has holdings in agriculture, telecommunications, retail, pharmaceutical, and finance.
''Fortune'' regularly publishes ranked lists. In the human resources
field, for example, it publishes a list of the Best Companies to Work For
. Lists include companies ranked in order of gross revenue
and business profile, as well as business leaders:
*Fortune Global 500
*Fortune India 500
*40 Under 40
*Most Powerful Women
*100 Best Companies to Work ForWorld's Most Admired Companies100 Fastest Growing CompaniesThe Unicorn ListBusinessperson of the YearChange the WorldThe World's 50 Greatest LeadersThe Ledger 40 Under 40Future 50100 Best Workplaces For Millennials100 Best Workplaces For Women50 Best Workplaces for New College GraduatesBest Workplaces for Diversity
There have been 19 top editors since ''Fortune'' was conceived in 1929. Following the elimination of the editor-in-chief
role at Time Inc. in October 2013, the top editor's title was changed from "managing editor" to "editor" in 2014.
* Parker Lloyd-Smith (1929–1931)
* Ralph Ingersoll
* Eric Hodgins
* Russell Davenport
* Richardson Wood (1940–1941)
* Ralph D. "Del" Paine, Jr.
* Hedley Donovan
* Duncan Norton-Taylor
* Louis Banks (1965–1970)
* Robert Lubar (1970–1980)
* William S. Rukeyser
* Marshall Loeb
* Walter Kiechel III
* John Huey (1995–2001)
* Richard "Rik" Kirkland (2001–2005)
* Eric Pooley (2005–2006)
* Andrew "Andy" Serwer
* Alan Murray (2014–2017)
* Clifton Leaf
(2017 to present)
* Fortune Battle of the Corporate Bands
, an annual music competition for amateur company-sponsored bands
* List of United States magazines
* James S. Miller, "White-Collar Excavations: ''Fortune Magazine'' and the Invention of the Industrial Folk," ''American Periodicals,'' vol. 13 (2003), pp. 84–104In JSTOR
Fortune LatinamericaFortune IndiaFortune ChinaFortune TurkeyFortune MexicoList of 100 Best Companies to Work For
Category:Business magazines published in the United States
Category:Monthly magazines published in the United States
Category:Magazines established in 1929
Category:Magazines published in New York City
Category:1929 establishments in New York (state)
Category:Magazines formerly owned by Meredith Corporation
Category:Biweekly magazines published in the United States