Billionaire businessman Joe Mansueto, the founder of mutual fund researcher Morningstar, has reached a definitive deal with German media giant Bertelsmann to buy business magazines Inc. and Fast Company, according to a report in Sunday's New York Post.

The deal, closed Friday night and believed to be worth $35 million, marks the end of Bertelsmann's presence in the U.S. magazine market, where its Gruner+Jahr USA division failed to make a meaningful impact despite investments of more than $1 billion over several decades, the Post said.

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