Morningstar's Joe Mansueto has bought languishing business magazines Fast Company and Inc. for $35 million.

"These are two brands with a lot of potential in terms of Web sites and conferences. These are platforms," Mansueto told the Chicago Sun Tribune. "My plan is to kind of nurture them, make them stronger."

But make no mistake, Mansueto told the Tribune that he has no plans to make further media investments and will focus his attention on Morningstar. He currently owns a stake in TimeOut Chicago.

"I have no day-to-day role in this," Mansueto told MarketWatch. "Morningstar is my top priority. That's not changing. This is in no way a reduction in my commitment to Morningstar or my time."

Yet Mansueto couldn't seem to resist an opportunity to talk about the potential for the magazines; Fast Company and Inc "have Web sites that can be developed further," said Mansueto. "And Inc. used to have a fairly robust conference business that was scaled back."  

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