Meredith Corp. has sold its auto news site The Drive to a private equity firm and is still seeking a buyer for personal finance magazine Money, reports Keith Kelly of The New York Post.
Kelly writes, “Money magazine remains on the block, but one source close to the company said it is expected to fetch $10 million to $15 million — which is raising concern that a new owner only wants the valuable money.com URL but has less interest in regularly publishing a print magazine.
“If that happens, it means Meredith is likely to have reached what some observers thought was a very long shot when the sale started in March — fetching $500 million from the old Time Inc. properties it was divesting.
“Salesforce founder Marc Benioff and his wife, Lynne, have an agreement to buy Time magazine for $190 million.
“Fortune has a deal to be sold for $150 million to Thai businessman Chatchaval Jiaravanon, whose family controls Charoen Pokphand, one of Thailand’s largest companies. He is acquiring it as a personal investment.”
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