Thai busi­ness­man buys For­tune for $150 mil­lion

The Sacramento Bee - - Business -

Mered­ith Corp. will sell For­tune mag­a­zine to a Thai busi­ness­man for $150 mil­lion, the com­pany said, as it con­tin­ues to off­load some of the sto­ried brands it ac­quired with its pur­chase of Time Inc. last year.

The deal comes al­most two months af­ter Mered­ith said it would sell Time mag­a­zine to bil­lion­aire Marc Be­nioff for about $190 mil­lion.

Chatchaval Jiar­a­vanon, a board mem­ber of Charoen Pokp­hand, a Thai con­glom­er­ate, will own For­tune as a per­sonal in­vest­ment, ac­cord­ing to a state­ment from Mered­ith.

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