For­tune mag­a­zine sold to Thai busi­ness­man

The Atlanta Journal-Constitution - - BUSINESS -

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.

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