Meredith Selling Fortune for $150 Million to Thai Executive
Meredith is selling another magazine and brand it got when it bought Time Inc. Jan. 31 in a $1.4 billion deal. The broadcaster said Friday it agreed to sell Fortune for $150 million cash to Fortune Media Group, owned by…
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Thai businessman Chatchaval Jiaravanon, and expects it to close this year. Meredith completed the sale Oct. 31 of Time magazine to Marc and Lynne Benioff for $190 million (see 1811010022). The TV-station operator might get another $100 million when it sells Sports Illustrated, Citigroup analyst David Phipps wrote investors Friday.