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.”
Read more here.
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