New economy math: In 2000, Gruner+Jahr purchased Fast Company for $360 million. In July, 2001, Time Inc. purchased Business 2.0 for $68 million. Today, Red Herring is asking $2 million for its name and subscriber list, but can’t find a buyer, according to the NY Post’s Keith Kelly.
Quote from an unlinkable story in Thedeal.com:
Part of a category that included the now-defunct titles The Industry Standard, Upside, Forbes ASAP and eCompany Now, it’s a wonder Red Herring has lasted this long. Those titles folded during 2001, leaving only Time’s Business 2.0 and G+J’s Fast Company, which have survived mainly because of their association with deep-pocketed parent companies that feature broad magazine platforms.
The link to the story quote, which was live until a few moments ago, has now been blocked. Perhaps that is because the publisher is a potential player in this story.