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Mansueto Ventures Made ‘Serious Offer’ for Biz 2.0
Before deciding to crush the magazine, Time Inc. considered selling Business 2.0, and looked for a scenario that would “nurture the spirit of the brand’s unique coverage and reporting,” according to Time Inc. spokesperson Danielle Perissi. In the end, however, the company decided that folding the content into Fortune was the best solution, she said (via Folio).
Mansueto Ventures, publisher of rival Fast Company, made what Mansueto CEO John Koten calls “a serious offer.” Koten didn’t discuss the details of the offer, but said that the two companies couldn’t reach an agreement on price or terms. He added, “I think it was tough to do a deal because, even though we are a flea compared to Time Warner, we’re competitors in the business magazine arena.”
One report put the offer at about $5 million.