Categories: OLD Media Moves

Sale of Fortune and Money to happen soon

Meredith Corp., which acquired Fortune and Money magazines from Time Inc., expects to sell them soon, according to comments made Friday after it released its fourth-quarter earnings.

During the company’s conference call, executive chairman Steve Lacy said:

We have made significant progress and anticipate agreements to sell Time, Sports Illustrated, Fortune and Money, along with our 60% equity interest in Viant in our early fiscal 2019.

The company’s 2019 fiscal year started July 1.

In May, Keith Kelly of the New York post reported that bids for the magazines are “surprisingly strong with the Fortune/Money combo and Time drawing bids close to $200 million each.”

Meredith put the magazines up for sale in March. At that time, it said, “They have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner.”

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.