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.
Women’s Day : Twenty-seven women journalists held in appalling conditions
Tortured, humiliated and sexually harassed : Twenty-seven women journalists held in appalling conditions
As the world marks International Women’s Day, Reporters Without Borders (RSF) points out that 27 women journalists are currently detained around the world. Some are being held in inhuman conditions.(more…)
Hello, shadowlands : inside Southeast Asia’s $100 billion dark economy
Organized crime in Southeast Asia has entered a golden age : now valued at $100 billion, this dark economy is expected within the next decade to hit $375 billion
Hello, Shadowlands takes a deep plunge into crime rings both large and small. It also examines how China’s rise and America’s decline is creating new opportunities for transnational syndicates to thrive.
Burma: Facebook blamed for its role in the Rohingya genocide
It took Facebook a year to take concrete measures to rein in the appalling online hate machine that contributed to the systematic of massacre of Rohingyas initiated by Myanmar’s armed forces on 25 August 2017.
Welcoming Facebook’s announcement that it has finally closed the accounts of senior military officers in Myanmar who had been blamed for the ethnic cleansing of the country’s Rohingya Muslim minority, Reporters Without Borders (RSF) calls on the social networking giant to act transparently in future. (more…)
Thailand expands palm oil and rubber markets to India
India is the world’s largest consumer of vegetable oil, consuming some 12 million tons of vegetable oil, 70% of which...
How Competitive Gaming Can Become More Popular in Thailand
Compared to South Korea and other Southeast Asian countries such as the Philippines and Indonesia, Thailand lacks support for competitive...
Thai shipping company (VL) enters Market for Alternative Investment (mai)
The Thai shipping company has a market capitalization at its initial public offering (IPO) of THB 1.40 billion (approx. USD...
TTM to focus on “Making the World Better Place through Travel”
Under the theme of “Making the World a Better Place through Travel”, the TTM Talk will feature a line-up of...
Thai Economy likely to miss the 3.5% growth target
Deputy Prime Minister Somkid Jatusripitak said the global economic slowdown hasweakened exports and reduced domestic consumption
- Tech1 week ago
Thailand to use Biometrics scan to identify travellers
- Tourism2 weeks ago
Thailand extends free visa-on-arrival until 31 October 2019
- Business2 weeks ago
Political uncertainty weighs on Thailand’s consumer confidence
- Property2 weeks ago
Property slowdown looms over Thai market
- Business1 week ago
Thailand cooperates with Indonesia to push creative industries
- Corporate1 week ago
Challenges and opportunities await Thai businesses to reduce plastic use
- Corporate1 week ago
Flexible workspace key role in company’s success
- Business1 week ago
Thailand to become 4th largest production base for EV batteries in Asia