In a surprising development that signals a return to his media roots, billionaire investor and Morningstar founder Joe Mansueto has purchased Time Out Chicago magazine from the London-based Time Out Group.
The acquisition marks a significant homecoming for the Chicago-based financier, who began his career in financial publishing before building Morningstar into one of the world's leading investment research firms.
From Financial Media to City Guides
Mansueto's media journey began in 1984 when he founded Morningstar with just $80,000 in capital, creating what would become a global powerhouse in investment research. Despite stepping down as CEO in 2016, he remained executive chairman and maintained significant influence over the company's direction.
The purchase of Time Out Chicago represents a full-circle moment for the businessman, who has consistently demonstrated his commitment to the Chicago business community throughout his career.
What the Acquisition Means for Chicago
Time Out Chicago has been a staple of the city's cultural landscape since its launch in 2005, providing comprehensive listings of entertainment, dining, and cultural events across the Windy City. The magazine and its digital platforms have become essential resources for both residents and visitors seeking to experience the best of Chicago.
Industry observers note that Mansueto's local ownership could bring renewed focus on Chicago-specific content and potentially expand the publication's coverage of the city's vibrant arts and dining scenes.
A Pattern of Strategic Investments
This acquisition aligns with Mansueto's history of strategic investments in Chicago-based enterprises. Through his personal investment firm, Mansueto Ventures, he has supported numerous local businesses and startups, though the Time Out Chicago purchase represents one of his most visible moves into consumer media.
The financial terms of the transaction remain undisclosed, but the deal includes both the print magazine and its digital assets, ensuring continuity for the publication's dedicated readership.
This development comes as many city-focused publications face significant challenges in the digital age, making Mansueto's investment particularly noteworthy within media industry circles.
