Investment group in talks to buy Fortune, Money
An investment group that includes billionaire Dan Gilbert is in talks with Meredith Corp. to acquire Fortune and Money magazines, reports Keith Kelly of the New York Post.
Kelly writes, “The group is being assembled by Josh Pollack, from Los Angeles-based Velocity Entertainment, who had briefly worked as a developer on the nascent Sports Illustrated Films.
“A deal for the last three was held up after talk that Mark and Lynne Benioff, who bought Time magazine for $190 million, were also interested in buying Fortune. But they ultimately only wanted Time in a deal expected to closed in 30 days.
“The buyout group is close to hammering out a deal for the remaining titles for an undisclosed price, but Meredith hoped to realize at least $500 million from the sale of the four titles.
“It had put all four titles on the block in March.”
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