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.
Thailand’s Vaccine Strategy: What went wrong?
Questions are being asked, and not answered, over the decision to rely almost entirely on Siam Bioscience, a local, palace-owned company with no experience of making vaccines, for the country’s vaccine needs, until an unseemly scramble began this year to procure alternatives.
Last year Thailand won worldwide praise for its effective measures to contain COVID-19. This year the government is facing growing public outrage over the failure to control new covid outbreaks, and the slow acquisition of vaccines.(more…)
Thai economy in the pandemic era: can it ever be the same?
What is the way forward for Thailand, and how strong is the case for a radical overhaul of economic and development policies?
Forecasts for Thai economic growth this year have been widely slashed to less than 2%, some much lower, reflecting growing gloom about the trajectory of an economy battling the third wave of COVID-19 and resulting lockdowns and social distancing measures.(more…)
Thailand Raises Public Debt Ceiling from 60% to 70% of GDP
Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60%...
Thailand Approves Package to Attract Wealthy Foreigners and Professionals
Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals...
The Role of Telemedicine Today: During and Beyond the COVID-19
Lockdowns, quarantine periods, and hospitals fast filling to the brink needed the medical community to come up with solutions fast....
Malaysia, Thailand banks to join the ASEAN Banking Integration Framework
Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to...
Climate Change Could Force 49 Million People to Migrate in East Asia and the Pacific
Out-migration hotspots in agricultural areas of central Thailand and Myanmar coincide with areas expected to see declines in both water...