Monday, November 19, 2018

Meredith sells Fortune


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.

No comments:

Post a Comment

For now, we're opening this blog to Anonymous comments. This will continue as long as civility rules. Disagree as you may, just keep it clean and stay on topic. No profanity, and no name calling. We reserve the right to moderate such comments, though the person who made it may come back and reword their message in a more civil way.