Fortune magazine sold to Thai businessman for $150 million
The 88-year-old celebrated publication is getting a new owner for the second time in a year. Meredith bought Fortune in January this year.
Published - 12-November-2018
US-based publisher Meredith has announced that it has decided to sell Fortune magazine for $150 million to Fortune Media Group Holdings Limited owned by Thai businessman Chatchaval Jiaravanon, according to media reports. The celebrated publication is getting a new owner for the second time in a year. Meredith had bought 88-year-old Fortune as part of its acquisition of New York giant Time Inc. in January itself.
Chatchaval Jiaravanon is the son of Sumet Jiaravanon, Executive Chairman of Thailand’s biggest conglomerate, Charoen Pokphand Group. The group is a Bangkok-based conglomerate with businesses in telecommunications, food, retail, automotive, finance, and pharmaceuticals.
According to media reports, Jiaravanon has said that he plans to increase investment in Fortune’s “digital capabilities, geographic expansion, and editorial talent.”
“Our vision is to establish Fortune as the world’s leading business media brand, with an always-on reach and global relevance,” he was quoted as saying in a statement by some media reports.
Clifton Leaf will reportedly remain the Editor-in-Chief of the publication and Alan Murray will remain its President and become CEO.
According to reports, Meredith will continue to provide short-term business services to Fortune. Meredith and Fortune Media Group Holdings Limited have entered into an agreement under which Meredith will continue to provide services such as corporate sales, consumer marketing, subscription fulfillment, paper purchasing and printing.
Fortune is known for its franchises including the Fortune 500, 100 Best Companies to Work For, Most Powerful Women, World’s Most Admired Companies, and 40 Under 40, among others.For more updates, subscribe to exchange4media's WhatsApp Channel- https://bit.ly/2QUdLCK