It's a strange wait-and-see game at the magazine these days. While we're busy writing, editing, and designing the pages of our next issue (which will be a blockbuster), we're also anxiously awaiting word about our new owner.
A second round of bids from at least five finalists, according to media reports, are now due tomorrow afternoon. The earliest outcome of this auction is now Thursday morning, though it could be even later. The wait has been excruciating. Who buys both Fast Company and Inc. from G&J USA, which is exiting the U.S. magazine business, will largely determine the fate of both magazines.
Some bidders clearly have little, if any, interest in Fast Company. So the staff is quietly and obviously rooting for an acquirer who believes in what we do and wants to support us. The most difficult part of this process is working through the uncertainty with focus and purpose. Luckily, we love what we do here. We take great pride in bringing you a magazine that is unique and different. And we do it as a team and as a community. We're friends as much as we're colleagues.
That's probably why it's also so worrisome. We cherish this little community of ours. Many of my staffers believe they've never worked in as supportive an editorial environment with as many people they genuinely liked. It's hard to even imagine or accept the loss of something that special. So stay tuned. We'll try to keep all our fans informed of the decision as soon as possible. And we're hopeful that we'll land in the hands of an owner who knows our true value and believes in our mission to serve our readers.
Best,
John A. Byrne
Editor-in-Chief
Fast Company
Related Stories: | Topics:Management, business development, Fast Company Magazine, United States, John A. Byrne Editor-in-Chief Fast Company, Media, Magazines |
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Recent Comments | 27 Total
June 14, 2005 at 7:27pm by Julie Pierce
Wish all of you the best.
When you grow...let me know.
Sounds like a place I would love to work.
Julie Pierce
June 14, 2005 at 7:55pm by R.Bezman
Thank you, and thank your staff for all the great work you all have done.
... and, we hope you continue.
June 14, 2005 at 11:21pm by Michele Miller
We're all sending good vibes your way - and hope you all will be able to continue your great work.
June 15, 2005 at 3:05am by Jerome Bertrand
Keep doing what you do so well. Can't contemplate the thought of loosing my Fast Company on the side track! You are a very inspirational force to many.
I hope you find the 'Good Patron' you righfully earn.
Jerome
http://www.visualcuriosity.com
From Europe, The Netherlands.
June 15, 2005 at 8:15am by Jeff De Cagna
The long time subscribers like me are behind you. I'm confident that this will work out just fine. Fast Company is a valuable property and the right bidder will connect with it, I'm sure. Keep the faith!
June 15, 2005 at 11:14am by Loretta Donovan
Imagine the very best outcome and keep focused on it. The tremendous energy and intelligence of Fast Company and its COF will carry you to the next great iteration. I'm with you for the long haul.
Loretta
June 15, 2005 at 12:11pm by Fernando
I join all other well-wishers. What you do makes good business sense for individuals and business people who have a drive to "evolve", which goes beyond merely "winning" or "succeeding".
That is exactly what I have valued from my years as a FC subscriber. I am counting on you!
June 15, 2005 at 12:16pm by Gretchen Hartke
Fingers crossed and good energy coming your way... Fast Company ROCKS!
June 15, 2005 at 12:27pm by Sven Cole
Fast Company is a needed voice in the business world, I have faith that no matter what happens with new ownership that somehow FC will survive! Afterall you are (as a group) a Fast Company and will find a way to not only keep things going but to continue to grow and be cutting edge. As a reader I can't wait for the next issue, and the issues that follow. And as a freelance writer I dream of a byline in FC. Good vibes and stay FAST!
June 15, 2005 at 4:04pm by David Newman
John:
Dude, FC totally rocks, but I sense a tone of learned helplessness about the "big, bad acquirer" or the "white knight who believes in FC."
Don't you realize that your fate is in NO ONE's hands but your own? Imagine if Alan Webber and crew were sitting there wringing their hands at the Harvard Business Review hoping that their magazine would become cooler, hipper, and faster, and waiting for someone ELSE to make that happen.
Look to the roots of the pub, my man... Started by wild-eyed entrepreneurs, with a bet-the-farm attitude and a vision of "HBR meets Rolling Stone." I doubt Webber paid much mind to 'the man.'
Yes, yes, the economic times and financial environment ARE fundamentally different today. And I also understand that your skills and strengths are your own and possibly different from those of the founders. And all of that is OK.
Point is, you're wearing the captain's hat, John. You've got the map, you've got the crew, you've got the North Star in your pocket.
What's stopping you from kicking ass and taking names? I'll back you up. Hundreds, no thousands, of us would gladly help out any way we can. Raise money. Donate in-kind expertise and services and contacts. We're here for you...
... but it's YOUR move.
-- David Newman
UNCONSULTING | http://www.unconsulting.com
Bryn Mawr PA
Philadelphia Company of Friends
June 15, 2005 at 7:34pm by Larry Shallenberger
Blessings. Your magazine has helped this pastor for the past seven years. May it be seven more.
June 15, 2005 at 9:26pm by Jijesh
John,
How does an organization stay faithful to its roots unless the owners want to? Sorry, wrong Q.
Who really decides what FC is?- the current owners or employees?
June 15, 2005 at 10:50pm by Mike Smock
WOW! Well said David. I nominate David as editor-in-chief of the New Fast Company.
June 16, 2005 at 9:32am by Sean Dougherty
Can something be unique without being different?
June 16, 2005 at 12:07pm by Bill Mosher
John,
As the director of the word of mouth marketing and research group called Echopinion, I will gladly lend our services if you wind up having to create something new and need to get the word out about it. Fast Company has been a great publication and I have made it my home page for sometime now. You guys are great at what you do. Let me know how I can be of help.
Bill Mosher
Director Echopinion!
June 16, 2005 at 1:17pm by justin hee
From far-flung Singapore, we wish you well. My colleagues and I love to read your very thought-provoking and inspiring articles. We have always look forward to each issue and we will continue to hope for more!
June 16, 2005 at 2:31pm by Paul Hunter
Amazing that I am sitting here at lunch reading this after having just read "When Teams Leave." You have been a team for years and as previously written, started by a group of "wild-eyed entrepreneurs". What is keeping a group of people from using offered resources (echoopinion) to do what FC supports so highly?
June 16, 2005 at 2:50pm by Jeffrey Ward
Ah yes, good ole G&J and the world of publishing. I was associate editor of a trade pub back in early 90s that G&J bought and then sold and I think ended up buying again, trouncing the staff in the process. So, first, I feel your pain and wish the staff well. You do great work. But I've never known any publishing house that really cares about the intrinsic value of its magazines. Publishing is a ruthless and cutthroat industry. Anyone who gets into it ought to know that. What companies do value though (or should) is the brand equity of its magazines... as well as loyal readers (read: customers). Both of which are very hard to come by, and both of which you have. If they are blind to that, so be it. You're a talented bunch, and as my fellow Philly COFer David Newman says above... you're in control. Everyone stop worrying about who the new owners will be and keep doing what you do. Good things will happen.
June 16, 2005 at 3:16pm by Aeijay
That is disconcerting news. What a difference a day makes--off yesterday. Publications like yours (ours) needs a benefactor-advocate willing to allow FC to reach the heights it is destined for. I am one of those free agent nation subscribers who catalogued all of my issues from 1998 to 2000. They were instant classics. Even with the recession, those timely and innovative ideas should not be ignored. I think that magazines that ride the wave of business will probably always rise and fall with its waves. What is different about FC, however, is that it speaks to individuals who are looking for themselves--their own 'career' identity amidst seas of both paucity and prosperity. It is so much more than another business publication. Hopefully, we'll get an owner who understands that.
June 16, 2005 at 3:44pm by ALMorawa
It's wonderful to hear the optimism in most people voices, 'start your own publication, take the team and run!' The desire to see a great thing continue is impossible to resist. So, I join that sentiment and wish for the white knight or the wealthy entrepreneur and of course send humble wishes that my connection to the intelligent side of business stays in tact.
June 16, 2005 at 6:00pm by Brad Newman
Thank you again for the incredible work. Good luck with the upcoming issue...
June 16, 2005 at 6:26pm by Earl Gray
I've been with you since issue 15. G&J didn't have the heart that reflected FC, or even Inc. I think FC will be better free of that corporate relationship. What about putting together a joint venture with Webber, Peters, Godin and some risk-taking staffers and buying it yourselves? That would be something!!!
June 17, 2005 at 5:50am by Tommy Weir
So... what's the result? Having stuck with FC since issue 1 (and worked...a little... on the first years issues) i would sincerely hope that you have had a good outcome.
June 19, 2005 at 3:58pm by Tom Asacker
John,
When you come out the other side, I implore you ( once again) to consider what the Fast Company brand truly is. My best to you and your team.
Tom
www.acleareye.com
June 21, 2005 at 10:25am by Seamus Phan
One of the BEST modern business magazines I read regularly, even though I am stuck right now the other side of the globe, in Singapore (Asia). Fast paced, living up to the title of the magazine, and powerfully designed for easy reading and retention. I too wish the editorial and supporting team at FC all the best, and wish that the magazine will continue - there aren't too many good business magazines left, at least those available in Asia. So keep the heads high and know that the readers are with you.
June 22, 2005 at 2:40am by Sandy
And so it ends . . . turns out it was not the North Star but the Morningstar. http://www.medialifemagazine.com/News2005/jun05/june20/2_tues/news1tuesd...
June 22, 2005 at 1:53pm by Brenda
I have the very first copy of FC...and most everyone thereafter. It is the one magazine that I look forward to reading when it arrives. I wish I had the millions to buy this terrific magazine myself. Doesn't the present owner realize that this the trendwatcher of the 21st Century business. For all our sakes, may the buyer be willing and able to let FC be FC. Best of luck.