Meredith Corp has agreed to sell Fortune magazine and its related businesses for US$150 million, furthering the company’s efforts to shed the news-focused brands it acquired in buying Time Inc.
The buyer is Thai businessman Chatchaval Jiaravanon, an owner of the Charoen Pokphand Group conglomerate, Meredith said in a statement on Friday.
He is to own Fortune in a personal capacity, continuing a growing trend of wealthy investors snapping up venerable journalism outlets.
Meredith sold Time magazine in September to Salesforce.com Inc founder Marc Benioff and his wife, Lynne, for US$190 million.
“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.
Fortune was founded in 1930 during the Great Depression — a few years after sister publication Time — and its Fortune 500 ranking of corporations became synonymous with big business.
Fortune president Alan Murray is to continue in the role with the added title of chief executive officer. Clifton Leaf is to remain editor-in-chief.
Fortune’s new owner has no interest in actively running the magazine himself and plans to pour resources into areas that would help the magazine grow, particularly expanding in China, Murray said in an interview.
Fortune’s sales last year were less than US$100 million and had declined in recent years, as revenue from print has been shrinking, Murray said.
The magazine is on track to post US$10 million in earnings before interest, taxes, depreciation and amortization this year.
Meredith said it would use the Fortune proceeds to pay down debt.
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