Mered­ith to sell For­tune brand for $150 mil­lion

The Standard (St. Catharines) - - Business -

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.

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