Time Inc. said Monday it will license its Fortune brand for stock indexes based on the Fortune 500 in a partnership with Barclays PLC in an effort to diversify its revenue into the growing index-investing business, reports Sheila M. Dang of Reuters.
Dang reports, “The Barclays Fortune 500 Equal Weighted Index will launch in July, tracking about 450 publicly traded companies with a combined revenue of more than $11 trillion, Dupe Adeyemo, a director at Barclays, told Reuters.
“The index will exclude private companies, master limited partnerships and companies that do not meet liquidity requirements among the Fortune 500, Adeyemo said.
“Time, which like many of its publishing peers has been struggling as print circulation shrinks and advertisers shift to digital platforms, will aim to broaden its revenue with the partnership as index-based investing is increasing in popularity.
“‘We’re trying to be more creative about ways to expand our brand,’ said Brian O’Keefe, deputy editor of Fortune magazine. ‘Frankly, this index should have been done a long time ago.’ In addition to the magazine, the brand hosts conferences such as the “Most Powerful Women Summit” and is expanding online.
“Time declined to discuss the financial terms of the partnership.”
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