Meredith Corp., which acquired Fortune from Time Inc. earlier this year, has agreed to sell the business magazine to Thai businessman Chatchaval Jiaravanon for $150 million. The deal is expected to close next year.
It was announced during the meeting that Lisa Cline, who has been vice president of live media, news and business and previously oversaw Fortune’s live media, has been named the magazine’s chief operating officer.
In addition, Mike Schneider, formerly senior vice president of group director sales, has been named Fortune’s chief financial officer.
Staffers were told that the magazine is also seeking a chief product or tech officer.
CEO Alan Murray, who previously was editor of the magazine, relayed why Jiaravanon wanted to buy the magazine — he apparently read it as part of his course curriculum at USC’s Marshall School of Business and formed an attachment.
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