Meredith Sells Fortune Magazine To Thai Businessman For $150 Million In Cash - http://earlyretireonline.com | how to earn money fastNovember 9, 2018 3:42 pm
Categorised in: Breaking Financial News
Fortune Magazine Chatchaval Jiaravanon. The deal comes less than two months after Meredith sold Time Magazine to the Silicon Valley billionaire Marc Benioff and his wife, Lynne, for $190 million, and a month an a half ahead of Meredith’s own end-of-year deadline to divest four ex-Time Inc. titles—Time, Fortune, Sports Illustrated and Money.
The transaction is subject to regulatory approval and is expected to close this year. Jiaravanon is affiliated with the Charoen Pokphand Group, an international conglomerate with holdings in agriculture, food, telecom, cars, finance, pharmaceuticals and retail.
He’s specifically involved in C.P. Group’s technology, media and telecom businesses, and will own the magazine as a personal investment. As with the Time Magazine deal, the brand is being sold to an individual, not to an established media company.
Alan Murray, who had been president of Fortune, will stay on as president and CEO. Clifton Leaf will continue as editor in chief.
In a press release issued by Meredith, Jiaravanon said he intends to increase investment in Fortune‘s digital capabilities and in geographic expansion. “Our vision is to establish Fortune as the world’s leading business media brand, with an always-on reach and global relevance,” Jiaravanon said in the statement. “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.”
The magazine, acquired by Meredith in January of this year, was founded in 1930 and over the years has been one of the world’s leading business-magazine brands, along with The Economist and Businessweek.
Fortune, with a monthly frequency in print, is a 360-degree multimedia platform, reaching nearly 20 million people each month. It has a highly regarded live event series, and some of the business media’s best-known franchises, including the Fortune 500 and the 100 Best Companies to Work For.
“I am pleased that we have found an owner for Fortune who believes in our mission, values our editorial independence, wants to invest in our journalism, and thinks Fortune can be the leading brand providing business insight and information around the world,” Murray said in the statement. “Watch this space: we will be doing big things in the future.”
Meredith CEO Tom Harty said, “We’re pleased to have found Fortune a great home with Chatchaval Jiaravanon. His dynamic leadership will enable the iconic Fortune brand to grow. We thank the Fortune team for their diligent work and wish them continued success.”