Time Inc buys back Fortune magazine in China

Time Inc has made a surprise acquisition of CCI Asia-Pacific, the company which operates the license to run Fortune China, the magazine's Chinese-language edition.CCI Asia-Pacific was established in 1975 by chairman and editor in chief Thomas Gorman, who launched the Fortune China under license from Time Inc in 1996.Over the past two decades, the brand has built its circulation to more than 200,000 copies across print and digital and has consistently ranked among China’s most widely read business publications.Terms of the deal were not disclosed by either party.Steve Marcopoto (pictured), president of Time Inc International, said he was particularly excited about extending the brand into new digital platforms and live event formats.“The influence that Fortune China has achieved under Thomas Gorman and his team has been remarkable,” Marcopoto said.Gorman and his business partner Chan Ching have announced they will retire, but will act as advisors to CCI Asia-Pacific and Fortune China. Canace Chak will remain general manager and group publisher and Derek Zhang Maiden will continue as executive editor for the magazine.“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,” Gorman said.