Meredith announced an agreement to sell the Fortune media brand for $150 million cash to Fortune Media Group Holdings Limited, owned by Thai businessman Chatchaval Jiaravanon. The deal was announced Nov. 9 and is expected to close in 2018.
Jiaravanon is affiliated with the Charoen Pokphand Group, an international conglomerate with businesses in telecom and media, agro-food and other sectors.
Jiaravanon will own Fortune as a personal private investment independent of C.P. Group's family businesses.
Meredith acquired Fortune as part of its purchase of Time Inc., which closed on January 31, 2018. Meredith announced Sept. 16 that it has agreed to sell the Time media brand to Marc and Lynne Benioff for $190 million in cash.
In spring, Meredith had announced it was selling Fortune, Time, Money and Sports Illustrated.