Time Inc. in Joint Venture To Publish Italian Fortune
NEW YORK (AP) _ Time Inc. said Monday it has agreed tentatively on a joint venture with the Italian magazine publisher Arnoldo Mondadori Editore to publish an Italian edition of Fortune magazine.
It would be the second such joint venture involving a foreign-language edition of Fortune in Europe. Fortune France was launched in February as a joint venture of Time and Hachette Filipacchi, the Paris-based publisher.
In the latest deal, Time and Arnoldo Mondadori said they would each have a half-interest in the venture, which was expected to produce its first monthly issue in early 1989 with an initial circulation of about 50,000.
Time said an editorial staff based in Milan, Italy, would produce articles specifically for the magazine as well as draw on translations or adaptations of articles from Fortune’s English-language editions.
Time said it would continue distributing the biweekly English-language Fortune International in Italy.
Time Inc. and its affiliates publish 27 magazines, including Time, Life, Money, People and Sports Illustrated. Arnoldo Mondadori Editore publishes 23 magazines, including Panorama, Grazia, Epoca and Espansione.