Meredith Corp. will promote Fortune mag to a Thai businessman for $150 million, the corporate stated, because it continues to offload one of the crucial storied manufacturers it bought with its acquire of Time Inc. closing 12 months.
The deal comes virtually two months after Meredith stated it will promote Time mag to billionaire Marc Benioff for about $190 million.
Chatchaval Jiaravanon, a board member of Charoen Pokphand, a Thai conglomerate, will personal Fortune as a non-public funding, in accordance to a remark from Meredith. He intends to make bigger funding in Fortune’s virtual features, geographic growth and editorial ability, the remark stated.
“Our vision is to establish Fortune as the world’s leading business media brand, with an always-on reach and global relevance,” he stated. “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 introduced in March of this 12 months that it was once searching for a purchaser for Fortune, in addition to different former Time Inc. titles, together with Money and Sports Illustrated. The choice to promote Time, Sports Illustrated, Fortune and Money was once broadly anticipated on the time, however it additional signaled the decline of the mag business.
The corporate bought Fortune with its $2.eight billion acquisition of Time Inc. closing November, in a deal that made it the biggest mag writer in America.