Gruner & Jahr Buys Industry Magazine Inc.

Gruner & Jahr, the magazine publisher owned by German media conglomerate Bertelsmann, is buying the small-business magazine Inc.

The deal, which was announced to the staff Tuesday, marks the first acquisition under Gruner & Jahr’s new chief executive, Dan Brewster, who came aboard late last month from American Express Publishing.

Inc. was owned by Boston-based Goldhirsh.

Both Goldhirsh and Bertelsmann are privately held. A price was not disclosed, but reports put it around $200 million.