Time Inc (NYSE: TIME) revealed the acquisition of CCI Asia-Pacific Ltd., which is the Hong Kong-based publisher of Fortune China, Fortune's Chinese-language edition. However, the company did not disclose the terms and conditions of the deal.
Time International President Steve Marcopoto reacted to the acquisition, saying, "The influence that Fortune China has achieved under CCI Asia-Pacific Chairman and Editor in Chief Thomas Gorman and his team has been remarkable. 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."
The American firm said that CCI Asia-Pacific Ltd. is a regional business publisher established in 1975 by Gorman. It launched the Chinese-language edition under license from Time Inc. in 1996. Over the last two decades, the brand has grown into a trusted source of management insight and advice for China-based executives. It has a total circulation of over 200,000 in print and digital editions. Also, it was consistently ranked among China's most widely read business publications.
For his part, Gorman commented, "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."
The company indicated that Gorman and his business partner Chan Ching, who are retiring, would continue as advisors to CCI Asia-Pacific Ltd. and Fortune China. Similarly, Canace Chak would continue as general manager and group publisher while Derek Zhang Maiden would remain as executive editor for Fortune China.
Fortune's editor for the United States, Alan Murray, joined to comment, "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. We are excited about the opportunity to accelerate the digital transformation of the Fortune China business."
Shares of the company traded 2.49 percent higher on Tuesday.
See more from Benzinga
- Time Elevates ECharlie Kammerer To President, Lifestyle
- Time Q1 Loss Widens, But Beats Expectations, Confirms Full Year Forecast
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.