Meredith to sell Fortune brand for $150 million
NEW YORK — Media and publishing giant Meredith Corp. says it is selling its Fortune brand for $150 million in cash to Fortune Media Group. 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 Chatchaval Jiaravanon, a part owner of the conglomerate Charoen Pokphand Group. Meredith, based in Des Moines, Iowa, had acquired Fortune as part of its purchase of Time Inc., which closed earlier this year. Meredith then sold Time magazine in October to Marc Benioff and his wife, Lynne. Marc Benioff was a cofounder of Salesforce, a cloud computing company. As it looks to focus on brands serving American women, Meredith says it soon hopes to announce the sales of Sports Illustrated and Money, also acquired in the Time Inc. deal. Founded in 1930, Fortune’s franchises include the Fortune 500, the 100 Best Companies to Work For and other similar titles.