Fortune magazine sold to Thai businessman
Meredith Corp. agreed to sell Fortune magazine and its related businesses for $150 million, furthering the company’s efforts to shed the news-focused brands it acquired in buying Time Inc. The buyer is Thai businessman Chatchaval Jiaravanon, an owner of the Charoen Pokphand Group conglomerate, Meredith said Friday. He will own Fortune in a personal capacity, continuing a growing trend of wealthy investors snapping up venerable journalism outlets. Meredith sold Time magazine in September to Salesforce.com Inc. founder Marc Benioff for $190 million. Des Moines, Iowa-based Meredith bought Time Inc. this year, saying it would sell Time, Fortune, Sports Illustrated and Money, to focus on female-targeted lifestyle titles that fit better with Meredith’s existing magazine stable.