Meredith sells Time, Fortune
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.