MANSUETO VENTURES ANNOUNCES FORMATION OF MANSUETO DIGITAL AND $10 MILLION INVESTMENT IN NEW DIGITAL DIVISION
Owner of Inc. and Fast Company Brands Greatly Extends Its Integrated Program Capacity
NEW YORK, February 20, 2007 -- Mansueto Ventures, owner of the Inc. and Fast Company brands, today announced the formation of Mansueto Digital and a $10 million investment in the new division. This investment is in addition to Mansueto Ventures' continued expansion of the Fast Company and Inc. print magazine titles.
Mansueto Digital will be dedicated to the aggressive growth of multiple digital platforms, including expansion of Inc.com, FastCompany.com, and IncTechnology.com. Together, these fast-growth websites have quadrupled revenue and tripled page views since 2004. According to the most recent ABCi audited traffic report, Inc.com and FastCompany.com together reached an audience of 1.4 million monthly visitors.
Inc.com and FastCompany.com major advertisers include Microsoft, HP, American Express, Monster.com and Dell. The new division will greatly enhance the capacity of Mansueto Ventures to offer 360 degree, integrated programs to its print, online and event sponsors. Mansueto Ventures' advertisers will be offered an even greater variety of end-to-end solutions for their clients.
In addition to significant investments in the existing websites, Mansueto Digital plans to launch:
- A new website dedicated to business networking and database services exclusively for private companies
- A social/business networking platform for business people intensely interested in issues of innovation, technology and digital media -- greatly expanding the FastCompany.com's existing Company of Friends platform, the first-ever online business network, established in 1998
- A partnership with a Chinese website that will provide comprehensive small business directory listings and business information to the exploding entrepreneurial class in China
- Mobile websites for both Inc. and Fast Company
- A website with a directory and editorial advice for individuals wishing to buy and sell their businesses;
- A website for individuals interested in learning more about franchising, including advice and listings.
In connection with the expansion of its digital operations, Mansueto Ventures promoted Edward Sussman, currently senior vice president for the online and business development groups at Mansueto Ventures, to executive vice president of Mansueto Ventures and president of Mansueto Digital.
The $10 million investment is above and beyond the existing online budget and will be invested throughout 2007 and 2008.
"The formation of Mansueto Digital underscores our commitment to expanding the online capabilities of Inc. and Fast Company as well as our commitment to the long-term positioning of the brands - across all platforms -- as leaders in business publishing," said John Koten, CEO of Mansueto Ventures LLC.
Mr. Sussman said his team is already well underway in the creation of several new digital platforms expected to launch throughout 2007. "We think our audience and advertisers will be extremely pleased with the innovative combination of Web 2.0 functionality and publishing content we will be rolling out," added Sussman. "No other publishing company has fully exploited the powerful advantage that a major content provider can offer in the social networking sphere. We intend to lead the way."
A key person in building Mansueto Digital will be Loren Feldman, who has been named editor, Mansueto Digital. Feldman joined Inc. in December 2002 as editorial director. He has been Deputy Editor since July 2004. Prior to joining Inc., he was editor in chief of Philadelphia magazine.
"Loren is one of the most talented and experienced business editors in the nation," said Sussman. "His hire represents the continuing commitment of Mansueto Digital to high quality journalism."
A graduate of the Wharton School with a bachelor of science in economics, Feldman has also been a top editor at such magazines as Manhattan, inc., the American Lawyer, Money, and George. His writing has appeared in the New York Times Magazine and GQ.