Fortune Magazine Sold to Thai Businessman for $150 Million
Mr. Murray, who helped lead the method at the side of and Meredith’s banking adviser, Citigroup, stated in September, “It was a learning process for me, and these things just take a lot longer than you think they would.”
Mr. Jiaravanon, 56, who is not going to play any position in managing the mag, emerged as a suitor most effective inside the previous 3 weeks, Mr. Murray stated. Meredith had talked to a few dozen severe patrons for the mag this yr.
The deal used to be reached Friday night time in Hong Kong, the place Mr. Jiaravanon celebrated his acquisition at dinner with Mr. Murray.
Fortune, the second one name to be hatched through Henry Luce, Time Inc.’s founder, has received a large number of awards over its 88 years. It become identified for its in-depth options, which frequently recast an organization’s upward thrust or fall as a full of life case find out about.
That a little-known businessman like Mr. Jiaravanon would turn into Fortune’s new proprietor underscores the wildly transferring potentialities for America’s best-known magazines. But that used to be some of the key causes for Mr. Jiaravanon’s passion.
“He loves the brand,” Mr. Murray stated. “And he really has an appetite to invest.”
Fortune has now not coated Mr. Jiaravanon or his circle of relatives conglomerate, referred to as C.P. Group, broadly. The circle of relatives trade is the biggest non-public corporate in Thailand, with pursuits division retail outlets, banks, telecommunications corporations and different companies. The corporate’s senior chairman, Dhanin Chearavanont, frequently tops the record of Thailand’s richest other folks.
Mr. Jiaravanon, a graduate of the University of Southern California, additionally sits at the board of True Corporation, a Thai media corporate with over $four billion in earnings.
His possession of Fortune right away vaults Mr. Jiaravanon onto the sector level, however he didn’t purchase the mag “for personal glorification,” Mr. Murray stated. “The fact that he’s not talking to you is evidence of that.”