Meredith reached an agreement to sell Fortune magazine for $150 million to Thai business tycoon Chatchaval Jiaravanon, The New York Post reports.
Jiaravanon has appointed veteran editorial director Alan Murray to be the president and CEO, according to Meredith.
“Jiaravanon is affiliated with the Thailand-based conglomerate Charoen Pokphand Group, which has holdings in agriculture, telecommunications, retail, pharmaceutical, and finance,” The Post reports. “The holding company he formed, called Fortune Media Holdings, is said to be acquiring Fortune as a separate, private enterprise, and the deal is expected to be finalized in calendar 2018.”
Said Murray, speaking from Hong Kong: “He believes in our independence; he’s going to invest in the Fortune brand.”
The Post adds: “It marks the second of the so-called big three business titles in the US to be sold to Asian businessmen. Forbes was sold by the Forbes family to businessmen from Asia and Singapore more than a decade ago, with the Forbes family keeping a tiny minority interest. Only Bloomberg Businessweek remains in control of an American media company.”