''Fortune'' (stylized in
all caps) is an American global business magazine headquartered in
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
. It is published by Fortune Media Group Holdings, a
global business media company. The publication was founded by
Henry Luce in 1929. The magazine competes with ''
Forbes
''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
'' 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 ranking companies by
revenue such as in the
''Fortune'' 500 that it has published annually since 1955, and in the
''Fortune'' Global 500. The magazine is also known for its annual ''Fortune Investor's Guide''.
History
''Fortune'' was founded by ''
Time
Time is the continuous progression of existence that occurs in an apparently irreversible process, irreversible succession from the past, through the present, and into the future. It is a component quantity of various measurements used to sequ ...
'' magazine co-founder Henry Luce in 1929, who declared it 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 intended 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
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...
. 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 ().
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 the magazine must really have worthwhile content. 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
Time is the continuous progression of existence that occurs in an apparently irreversible process, irreversible succession from the past, through the present, and into the future. It is a component quantity of various measurements used to sequ ...
'' in 1923 and ''Fortune'' in 1930, Luce went on to launch ''
Life
Life, also known as biota, refers to matter that has biological processes, such as Cell signaling, signaling and self-sustaining processes. It is defined descriptively by the capacity for homeostasis, Structure#Biological, organisation, met ...
'' 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.
Marshall Loeb 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.
Since March 4, 2020, access to Fortune.com has been restricted by a
paywall.
Fortune Indonesia
''Fortune Indonesia'' is an American global business magazine headquartered in
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
and published for the Indonesian region. It is published by Fortune Media Group Holdings, a
global business media company. FORTUNE Indonesia is available in print version every month as well as an online news portal. Currently, Fortune Indonesia is led by Editor-in-Chief Hendra Soeprajitno.
Lists
''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'' 500
*
''Fortune'' 1000
*
''Fortune'' Global 500
*
''Fortune India'' 500
*
40 Under 40
*''Fortune'' Most Powerful Women Entrepreneurs
*
100 Best Companies to Work For
*World's Most Admired Companies
*100 Fastest Growing Companies
*The Unicorn List
*Businessperson of the Year
*Change the World
*The World's 50 Greatest Leaders
*The Ledger 40 Under 40
*Future 50
*100 Best Workplaces For Millennials
*100 Best Workplaces For Women
*50 Best Workplaces for New College Graduates
*Best Workplaces for Diversity
*50 Best Places to Live for Families
*Crypto 40
Editors
There have been 20 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. The present title is "editor-in-chief".
[
* Parker Lloyd-Smith (1929–1931)
* Ralph Ingersoll (1932–1935)
* Eric Hodgins (1935–1937)
* Russell Davenport (1937–1940)
* Richardson Wood (1940–1941)
* Ralph D. "Del" Paine, Jr. (1941–1953)
* Hedley Donovan (1953–1959)
* Duncan Norton-Taylor (1959–1965)
* Louis Banks (1965–1970)
* Robert Lubar (1970–1980)
* William S. Rukeyser (1980–1986)
* Marshall Loeb (1986–1994)
* Walter Kiechel III (1994–1995)
* John Huey (1995–2001)
* Richard "Rik" Kirkland (2001–2005)
* Eric Pooley (2005–2006)
* Andrew "Andy" Serwer (2006–2014)
* Alan Murray (2014–2017)
* Clifton Leaf (2017–2021)]
* Alyson Shontell (2021-present)
See also
* ''Fortune'' Battle of the Corporate Bands, an annual music competition for amateur company-sponsored bands
* List of United States magazines
Footnotes
Further reading
* James S. Miller, "White-Collar Excavations: ''Fortune Magazine'' and the Invention of the Industrial Folk". ''American Periodicals''. vol. 13 (2003), pp. 84–104
In JSTOR
External links
*
{{Fortune (magazine), state=expanded
Business magazines published in the United States
Monthly magazines published in the United States
English-language magazines
Magazines established in 1929
Magazines published in New York City
1929 establishments in New York (state)
Magazines formerly owned by Meredith Corporation
Biweekly magazines published in the United States