American publisher Meredith announced on Friday that it has agreed to sell Fortune for $150 million to Fortune Media Group Holdings Limited, wholly owned by Chatchaval Jiaravanon.
Mr. Jiaravanon is affiliated with the Charoen Pokphand Group (www.cpgroupglobal.com), an international conglomerate with businesses in telecom and media; agro-food; retail and distribution; e-commerce and digital; property development; automotive and industrials; finance and investment; and pharmaceutical sectors.
Owned by the Chearavanont/Jiaravanon family, the C.P. Group operates public companies such as CP Foods, CP ALL and True Corporation, and multiple private firms.
Mr. Jiaravanon will own FORTUNE as a personal private investment independent of C.P. Group’s family businesses.
Mr. Jiaravanon is involved in C.P. Group’s technology, media and telecom businesses. He serves as a Board Member of True Corporation, a leading public company in Asia with more than $10 billion in assets, $4 billion in revenues, and 23,000 employees.
He intends to increase investment in FORTUNE’s digital capabilities, geographic expansion, and editorial talent as part of a strategy to become the premium business content provider worldwide.
“Our vision is to establish Fortune as the world’s leading business media brand, with an always-on reach and global relevance,” Jiaravanon said in a statement. “The demand for high quality business 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 business.”
Alan Murray, a veteran journalist who will be president and chief executive 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.”
Founded in 1930 at the outset of the Great Depression, FORTUNE has become synonymous with business success.
In recent years, it has evolved from a traditional print publication into an international multiplatform, multimedia business that includes a monthly magazine with multiple international editions; a digital news and video platform that reaches nearly 20 million people each month; and the world’s preeminent live event series for top executives, all overseen by a high quality editorial team.
FORTUNE’s major franchises include the FORTUNE 500; 100 Best Companies to Work For; Most Powerful Women; World’s Most Admired Companies; 40 Under 40; Fastest-Growing Companies; and the Change the World list. Its wide range of annual conferences include FORTUNE Most Powerful Women; FORTUNE Brainstorm Tech; FORTUNE Brainstorm Health, the CEO Initiative; and the FORTUNE Global Forum.