Chatchaval Hiaravanon, a Thai businessman has agreed to buy Fortune magazine from Meredith for $150 million in cash, marking the end of a more than seven month sales process.
While Mr. Hiaravanon may not have the star power as Marc and Lynne Benioff who bought Time magazine earlier this year, he does plan to invest in the publication, he said in a statement. That’s good news for Fortune, which like its peers has been struggling with declining ad sales. Fortune has a great brand and solid events division so there is a lot more to be done there.
Meredith bought Time Inc last November in a sales process that had its fits and starts. Shortly after, Meredith said it was selling Fortune, Time and Sports Illustrated.