Categories: OLD Media Moves

Fortune being sold to businessman for $150 million

Meredith Corp. is selling Fortune magazine to Thai businessman Chatchaval Jiaravanon for $150 million in cash, a sale that gives the storied business publication a new owner for the second time this year, reports Jeffrey A. Trachtenberg of The Wall Street Journal.

Trachtenberg writes, “The 88-year-old magazine, which first published months after the 1929 stock-market crash, continues to carry weight with business elites, reflected in the attention paid to rankings such as the Fortune 500, special issues like ‘World’s Most Admired Companies’ and cover profiles of prominent chief executives.

“‘Our vision is to establish Fortune as the world’s leading business media brand,’ Mr. Chatchaval said in a statement provided by Meredith. ‘With further committed investment in technology and brilliant journalism, we believe the outlook for further profitable growth is excellent both for the publication and the events business.’

“Mr. Chatchaval serves on the board of a number of publicly traded companies, including True Corporation Public Co., a Thai telecommunications company.

“Alan Murray, who will continue to serve as Fortune’s president and is adding a new role as chief executive under the new ownership, said Mr. Chatchaval is part of the family that owns Charoen Pokphand Group, a Thai conglomerate.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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