November 12, 2018
Just as “The Times They Are A-Changin’,” according to Bob Dylan’s iconic 1964 song; so, too, are the former TIME Inc. magazines. Purchased just one year ago by the Des Moines, Iowa-based Meredith Corporation—best-known for its flagship publication Better Homes & Gardens—the prestigious media group now is being sold off, title by title.
Following the purchase of TIME magazine by Marc and Lynn Benioff this September for $190 million in cash; Fortune magazine now is being acquired by Thai entrepreneur Chatchaval Jiaravanon for US$150 million in cash. The transaction is subject to regulatory approval and is expected to close this year.
According to a Meredith announcement, Jiaravanon will own Fortune as a personal private investment— independent of his role in his family business, C.P. Group, one of the world’s largest conglomerates, based in Bangkok.
He has said the 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,” said Jiaravanon. “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.”
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.
Fortune magazine was founded in 1930 at the outset of the Great Depression. In recent years, it has evolved from a traditional print publication into an international multiplatform, multimedia business. Its 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.
As part of the transaction, Meredith will provide short-term business continuity services; and has entered a multi-year agreement with Jiaravanon to provide services such as corporate sales, consumer marketing, subscription fulfillment, paper purchasing, and printing.
Research contact: @MeredithCorp