FORTUNE MAGAZINE SOLD TO THAI BUSINESSMAN

Thai billionaire Chatchaval Jiaravanon has agreed to buy Fortune magazine, a flagship brand of the iconic Time Inc., for $150 million in cash. Post the deal, a foreign entity will own the publication for the first time since its founding in 1929 by Time Co-founder Henry Luce. Last year, Meredith Corporation had bought Time Inc. and then started selling off some of its flagship properties. Time was sold to Salesforce founder Marc Benioff and his wife Lynne while Fortune will be a personal investment, irrespective of the new owner’s other businesses.