Mered­ith sells Time, For­tune

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Mered­ith an­nounced Sept. 16 that it has agreed to sell the Time me­dia brand to Marc and Lynne Be­nio for $190 mil­lion in cash.

e Be­nio s pur­chased Time per­son­ally and the trans­ac­tion is un­re­lated to Sales­force.com, where Marc Be­nio is chair­man, coCEO and founder. e Be­nio s will not be in­volved in the day-to-day oper­a­tions or jour­nal­is­tic de­ci­sions, which will con­tinue to be led by Time’s cur­rent ex­ec­u­tive lead­er­ship team, ac­cord­ing to Des Moines­based Mered­ith.

On Nov. 9, Mered­ith an­nounced an agree­ment to sell the For­tune me­dia brand for $150 mil­lion cash to For­tune Me­dia Group Hold­ings Lim­ited, owned by ai busi­ness­man Chatchaval Jiar­a­vanon. e trans­ac­tion is ex­pected to close in 2018.

Jiar­a­vanon is a li­ated with the Charoen Pokp­hand Group, an in­ter­na­tional con­glom­er­ate with busi­nesses in tele­com and me­dia; agro-food and other sec­tors.

Jiar­a­vanon will own For­tune as a per­sonal pri­vate in­vest­ment in­de­pen­dent of C.P. Group's fam­ily busi­nesses.

Mered­ith ac­quired For­tune as part of its pur­chase of Time Inc., which closed on Jan­uary 31, 2018.

In spring, Mered­ith had an­nounced it was sell­ing For­tune, Time, Money and Sports Il­lus­trated.

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