Thai busi­ness­man to buy For­tune mag­a­zine

The Hitavada - - WORLD -

THAI busi­ness­man Chatchaval Jiar­a­vanon agreed on Fri­day to buy For­tune mag­a­zine for USD 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 For­tune 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 For­tune as a per­sonal in­vest­ment in­de­pen­dent of the Charoen Pokp­hand con­glom­er­ate, ac­cord­ing to a state­ment from Mered­ith.

“Our vi­sion is to es­tab­lish For­tune as the world’s lead­ing busi­ness me­dia brand, with an al­ways-on reach and global rel­e­vance,” said Jiar­a­vanon in the state­ment.

“The de­mand for high qual­ity busi­ness in­for­ma­tion is grow­ing, 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.”

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