Days after finalizing the sale of Time magazine, Meredith announced today that it intends to sell another Fortune magazine and its assets, which came with its Time Inc. acquisition.
The $150 million cash sale, if approved, will go to a holding company wholly owned by Chatchaval Jiaravanon, a Thai businessman. Meredith expects the sale to close in 2018.
Jiaravanon’s acquisition of Fortune was described in a statement from Meredith as a “personal private investment.” He intends to invest in Fortune’s digital capabilities and worldwide expansion.
“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.