ALSO IN BUSINESS
Meredith Corp. is selling its Fortune brand for $150 million in cash to Fortune Media Group, Meredith said Friday. The deal, subject to regulatory approval, is expected to close by the end of the year. Meredith said it will use the proceeds to pay down debt. Fortune Media Group is owned by Thai businessman Chatchaval Jiaravanon. Meredith, based in Des Moines, had acquired Fortune as part of its purchase of Time Inc., which closed early this year. Meredith then sold Time magazine in October to Marc and Lynne Benioff. Amazon.com said Friday that it would begin selling the most recent iPhone, iPad, Mac computer, Apple Watch and Apple TV models on its website, along with branded accessories and headphones from Apple’s Beats subsidiary. Previously, Amazon sold only older-model iPhones. The two tech giants have clashed in the past. In 2016, Apple filed a lawsuit against Amazon alleging that the online retailer was selling counterfeit Apple products on its Web store. Amazon won’t be selling Apple’s HomePod, the iPhone maker’s competitor to Amazon’s popular Echo brand of home wireless speakers. (Amazon chief executive Jeffrey P. Bezos owns The Washington Post.)
Theravance Biopharma and partner Mylan on Friday won U.S. regulatory approval for their treatment for a chronic lung condition that causes breathing-related problems. The treatment, Yupelri, is a once-daily inhalable solution to be used by patients with chronic obstructive pulmonary disease (COPD), a lung disease characterized by wheezing or chronic cough. Yupelri belongs to a class of drugs called long-acting muscarinic antagonists, with the existing treatment options primarily being handheld devices.