(NEW YORK, May 24, 2016)— – Time Inc. (NYSE: TIME) today announced the acquisition of CCI Asia-Pacific Ltd., the Hong Kong-based publisher of Fortune China, Fortune’s Chinese-language edition.

“The influence that Fortune China has achieved under CCI Asia-Pacific Chairman and Editor in Chief Thomas Gorman and his team has been remarkable,” said Steve Marcopoto, President of Time Inc. International. “We look forward to continuing to support Fortune’s role in the coverage of management expertise, insights and best business practices as the Chinese economy evolves and grows. We are particularly excited about our prospects to extend across new digital platforms, in live formats and through new partnerships in a dynamic market.”

CCI Asia-Pacific Ltd., a regional business publisher established in 1975 by Chairman and Editor in Chief Thomas Gorman, launched the Fortune Chinese-language edition under license from Time Inc. in 1996. Over the past two decades, the brand has grown into a trusted source of management insight and advice for executives based in China. With a total circulation of more than 200,000 in print and digital editions, it has consistently ranked among China’s most widely read business publications.

“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. Gorman and his business partner Chan Ching, who are retiring, will remain advisors to CCI Asia-Pacific Ltd. and Fortune China.

Canace Chak will remain General Manager and Group Publisher and Derek Zhang Maiden will continue as Executive Editor for Fortune China.

“Business around the world is in the midst of a period of rapid change driven by digital technologies, and Fortune has become the leading source of insights and advice about this transformation,” said Fortune US Editor Alan Murray. “We are excited about the opportunity to accelerate the digital transformation of the Fortune China business.

Terms of the transaction weren’t disclosed.

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Time Inc. (NYSE:TIME) is one of the world's leading media companies, with a monthly global print audience of over 120 million and worldwide digital properties that attract more than 150 million visitors each month, including over 60 websites. Our influential brands include People, Sports Illustrated, InStyle, Time, Real Simple and Southern Living, as well as more than 50 diverse titles in the United Kingdom.

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