Meredith announced an agreement to sell the Fortune media
brand for $150 million cash to Fortune Media Group Holdings Limited,
owned by Thai businessman Chatchaval Jiaravanon. The deal was announced Nov. 9
and is expected to close in 2018.
Jiaravanon is affiliated with the Charoen
Pokphand Group, an international conglomerate with businesses in telecom and
media, agro-food and other sectors.
Jiaravanon will own Fortune as a personal
private investment independent of C.P. Group's family businesses.
Meredith acquired Fortune as part of its
purchase of Time Inc., which closed on January 31, 2018. Meredith
announced Sept. 16 that it has agreed to sell the Time media brand to Marc and
Lynne Benioff for $190 million in cash.
In spring, Meredith had announced it was
selling Fortune, Time, Money and Sports Illustrated.
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