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Thai businessman to buy Fortune magazine

AFP  |  Washington 

Thai agreed Friday to buy magazine for USD 150 million in the latest deal for titles from the former Inc family.

Meredith Corp, the publishing group which acquired Inc. magazines last year, announced to sell to the who is affiliated with Thailand's largest company, a conglomerate operating in telecom, media, food, retail, and other sectors.

Jiaravanon will own as a personal investment independent of the conglomerate, according to a statement from Meredith.

"Our vision is to establish Fortune as the world's leading media brand, with an always-on reach and global relevance," said Jiaravanon in the statement.

"The demand for high quality information is growing, and 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 "

The announcement comes less than two months after Meredith agreed to sell the iconic magazine for USD 190 million to chief and his wife

Alan Murray, a veteran who will be of Fortune, said: "I am pleased that we have found an owner for Fortune who believes in our mission, values our editorial independence, wants to invest in our journalism ... We will be doing big things in the future."

Meredith still owns and People magazines among those it acquired in the USD 1.8 billion Time deal, along with its own fashion and lifestyle brands including Better Homes & Gardens.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 09 2018. 21:55 IST