Thai businessman buys Fortune for $150M
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. He intends to expand investment in Fortune’s digital capabilities, geographic expansion and editorial talent, the statement said.
“Our vision is to establish Fortune as the world’s leading business media brand, with an always-on reach and global relevance,” he said. “The demand for high-quality business information is growing, and with further committed investment in technology and brilliant journalism, we believe the outlook for further profitable growth is excellent both for the publication and the events business.”
Meredith had announced in March of this year that it was seeking a buyer for Fortune, as well as other former Time Inc. titles, including Money and Sports Illustrated. The decision to sell Time, Sports Illustrated, Fortune and Money was widely expected at the time, but it further signaled the decline of the magazine industry.
The company acquired Fortune with its $2.8 billion acquisition of Time Inc. last November, in a deal that made it the largest magazine publisher in the United States.