Oct. 30 (Bloomberg) -- Time Warner Inc.'s Fortune magazine will publish a local edition in India next year, following the start of Fortune China and Fortune Turkey.
Fortune India will be the first of the three local editions to be in English, Danielle Perissi, a spokeswoman for the Fortune/Money Group unit, said in an interview today from New Delhi.
Fortune is seeking readers and advertisers overseas to offset falling advertising revenue in the U.S. The magazine's ad sales dropped 12 percent in the first nine months of the year after declining 3.8 percent in 2006, according to data from the Publishers Information Bureau.
For the Indian edition, Fortune partnered with ABP Pvt., an Indian newspaper and magazine publisher and owner of three television news channels. Financial terms of the agreement weren't disclosed.
Fortune plans to start more local editions after next year, Perissi said, declining to be specific.
Time Warner, based in New York, fell 13 cents to $17.97 at 4 p.m. in New York Stock Exchange composite trading. The shares have dropped 17 percent this year.
To contact the reporter on this story: Meg Tirrell in New York at mtirrell@bloomberg.net .
