Meredith Corp. on Friday agreed to sell Fortune Magazine to Thai businessman Chatchaval Jiaravanon for $150 million.
Why it matters: Fortune is one of several magazines that Meredith has been trying to unload since buying Time Inc. earlier this year, but two earlier sets of negotiations fell through.
- One of them was with Salesforce.com CEO Marc Benioff, who ultimately bought Time magazine.
- Another was with a Wall Street CEO, acting in an individual capacity, whose board was worried about possible conflicts of interest.
Alan Murray, the chief content officer of Time Inc. who will remain with Fortune as CEO, tells Axios from Hong Kong that the new deal came about quickly:
“A mutual acquaintance introduced me to [Jiaravanon] just about a month ago, and the actual deal was put together in just 21 days. He’s part of the largest conglomerate in Thailand, but this is an investment he’s making on his own because he thinks Fortune can be turned into a big, global business news powerhouse.” — Alan Murray
SOURCE: Dan Primack