Thai businessman to buy
wuzhen (China) — Thai businessman Chatchaval Jiaravanon agreed Friday to buy magazine for $150 million in the latest deal for titles from the former Time Inc family.
Meredith Corp, the publishing group which acquired Time Inc magazines last year, announced the deal to sell to the businessman who is affiliated with Thailand’s largest company, a conglomerate operating in telecom, media, food, retail, pharmaceuticals and other sectors.
Jiaravanon will own as a personal investment independent of the Charoen Pokphand conglomerate, according to a statement from Meredith.
“Our vision is to establish
as the world’s leading business media brand, with an always-on
chatchaval jiaravanon agreed to buy
reach and global relevance,” said Jiaravanon in the statement.
“The demand for high-quality business information is growing, Fortune and with further committed investment in technology and brilliant journalism, we believe the outlook for further profitable growth is excellent both for the publication and the events business.”
The announcement comes less than two months after Meredith agreed to sell the iconic magazine for $190 million to Salesforce.com chief Marc Benioff and his wife Lynne.
Alan Murray, a veteran journalist who will be president and chief executive of said: “I am pleased that we have found an owner for Fortune who believes in our mission, values our editorial independence, wants to invest in our journalism... we will be doing big things in the future.” Meredith still owns
and magazines among those it acquired in the $1.8 billion
deal, along with its own fashion and lifestyle brands including