WASHINGTON, Sept 29—The Carnegie Endowment for International Peace is pleased to announce the sale of its award-winning magazine, Foreign Policy, to The Washington Post Company.
Announcing the move, Jessica T. Mathews, president of the Endowment said:
“Since its founding in 1910 the Carnegie Endowment has made a tradition of recognizing when its initiatives reach a point where they need new circumstances to continue to grow. A good example is the departure of the Endowment’s migration program in 2001. The program had grown so large that it needed to stand on its own. As the independent Migration Policy Institute (MPI), it has since become an internationally known success.
The same has become true of Foreign Policy magazine. Ten years ago we set out to turn a good professional journal into a new kind of magazine for a much wider circle of readers. Under Moises Naím’s inspired direction, we have done so with numerous awards for editorial excellence, an expanding readership and many international editions. Now Foreign Policy, too, needs a wider horizon that only a commercial publisher can provide.
“We are extremely proud that the magazine’s achievements and great future potential have been recognized by The Washington Post Company. In terms of brand, editorial values and business strengths it is simply impossible to imagine a better home for Foreign Policy.”
Moises Naím, Foreign Policy’s editor-in-chief said:
“FP would have not grown into the successful operation it is today without the unwavering support of the Carnegie Endowment. It is indeed bittersweet to part with such a generous and prestigious organization. But with the backing of The Washington Post Company, FP will be even better placed to deliver and grow the unique coverage and analysis of the ideas and issues shaping our world for which the magazine has become well known".
- The sale of FP to The Washington Post Company is effective as of Tuesday, September 30, 2008.
- FP is the premier, award-winning magazine of global politics, economics, and ideas. Its mission is to explain how the world works—in particular, how the process of globalization is reshaping nations, institutions, cultures, and, more fundamentally, our daily lives.
- The magazine was founded as a quarterly journal in 1970 by Samuel Huntington and Warren Demian Manshel.
- FP was relaunched as a bimonthly magazine in 2000 and became a 2007 and 2003 winner and 2008, 2006, and 2005 nominee of the National Magazine Award for General Excellence.
- The magazine’s readers include some of the most influential leaders in business, government, and other professional arenas throughout the US and more than 160 other countries.
- In addition to its flagship English-language edition and award-winning website, www.ForeignPolicy.com, FP is also published in Arabic, Russian, Bulgarian, French, Korean, Portuguese, Romanian, and Spanish.
- Press Contact: Trent Perrotto, 202/939-2372, firstname.lastname@example.org