Meredith has finalized its sale of Fortune magazine to Thai businessman Chatchaval Jiaravanon, the magazine publisher announced today.
The brand was purchased for $150 million cash by Fortune Media Group Holdings Limited, wholly owned by Jiaravanon after he was announced as the intended new owner last month.
The brand, part of Meredith’s Time Inc. acquisition, was founded in 1930 and has grown its conference and events business under brands such as Fortune 500, 100 Best Companies to Work For, Most Powerful Women, World’s Most Admired Companies and 40 Under 40.
Circulation decreased from 756,877 over the course of six months on average, ending in June 2017, to 752,202 for the same period measured in 2018, according to the Alliance for Audited Media.
Jiaravanon’s acquisition of Fortune was previously described in a statement from Meredith as a “personal private investment.” He intends to invest in Fortune’s digital capabilities and international expansion.
Meredith will use the sale proceeds to reduce its debt, which it expects to decrease by $1 billion in fiscal 2019. It will continue to provide some services to Fortune, including corporate sales and consumer marketing.
While Time sold earlier this year for $190 million to Salesforce founder Marc Benioff and his wife, Lynne Benioff, other brands of the Time Inc. legacy, including Money and Sports Illustrated, are still up for sale.