The magazine "Meridth" British magazine specialized in the publication of the magazine, "Fortion" American retail industry that the magazine "Fortune" has completed the sale of the magazine "Fortune" to the Thai businessman "Chatshval Jiaravanon."
The brand was bought for $ 150 million in cash by Fortune Media Group Holdings Limited, a wholly-owned subsidiary of Jiaravanon after being announced as a new owner last month.
The brand, part of the acquisition of Meredith Time Inc., was founded in 1930, and has grown business conferences and events under brands such as Fortune 500, 100 of the best companies to work, the most powerful women, the most impressive companies in the world and 40 under 40 years.
Trading fell from 756,877 over the six months on average, and ended in June 2017, to 752,202 for the same period measured in 2018, according to the Alliance for Audited Media.
The acquisition of Giaravanon for Fortune was described in a statement from Meredith as a "personal private investment". He plans to invest in digital capabilities and the international expansion of Fortune.
Meredith will use proceeds to reduce its debt, which is expected to fall by one billion US dollars in fiscal year 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 for Salesforce founder Marc Benioff and his wife, Lynne Benioff, other brands of Time Inc.'s legacy are still trademarks. , Including Money and Sports Illustrated, are on sale.