Dirk Smillie of Forbes interviewed SPIN magazine founder Bob Guccione Jr. about the publishing business, and Guccione told him that he offered to purchase Fortune magazine from Time last year.
Here is an excerpt:
There were rumors you tried to acquire a high-profile business brand last year.
About 18 months ago I approached John Huey, editor-in-chief of Time Inc., and said, ‘Why don’t you sell me Fortune? I’ll make something interesting out of it.’ John is a friend of mine, but Fortune is rubbish. It doesn’t take chances. What’s the point of media if you’re not rocking the boat?
What did he say?
He said I’d be great at running the magazine, but Fortune is one of the pillars of Time Inc. and we’re not selling. (Forbes asked for comment from Fortune owner Time Inc. but received no comment before press time.)
Read more here.
