Deals
Fortune Magazine Sold to Thai Businessman for $150 Million
- Buyer is latest wealthy individual to acquire a magazine
- Sales were less than $100 million last year, Fortune CEO says
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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 in a statement 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 and his wife, Lynne, for $190 million.