Fortune magazine sold to Thai businessman for $207m

NEW YORK • Fortune magazine, a founding brand of the Time Inc empire that started publishing right after the stock market crash of 1929 and went on to chronicle the rise and fall of the United States' biggest companies, has been sold to a Thai businessman for US$150 million (S$207 million).

Mr Chatchaval Jiaravanon, whose family controls Charoen Pokphand, one of Thailand's largest companies, will acquire Fortune as a personal investment, according to a statement from the magazine's current owner, Meredith Corp.

He intends to increase investment in Fortune's digital capabilities, geographic expansion and editorial talent, the statement said.

Mr Chatchaval is the second unexpected buyer for a Time Inc title in recent months.

In September, Meredith said it would sell Time magazine to Mr Marc Benioff, the billionaire chief executive of the software company Salesforce, for about US$190 million.

"This was a great outcome," Mr Alan Murray, who had been Time Inc's chief content officer and will become Fortune's chief executive, said in an interview, adding that Mr Chatchaval "has ambitious goals for the magazine". In the statement announcing the deal, Mr Chatchaval promised to invest in technology and journalism at Fortune.

Like all magazines, Fortune's print business has declined - ad pages for this year are down more than 25 per cent - which prompted the title to focus on other potential areas of growth, specifically digital advertising and conferences.

Those businesses now make up about 62 per cent of Fortune's nearly US$100 million in annual revenue, and the magazine makes about US$10 million in profit when not taking into account interest, taxes, depreciation and amortisation.

The magazine is likely to add to its staff and will consider putting a paywall on its website.

Fortune, the second title to be hatched by Mr Henry Luce, Time Inc's founder, has won many awards over its 88 years. It became known for its in-depth features, which often recast a company's rise or fall as a lively case study.

That a little-known businessman like Mr Chatchaval would become Fortune's new owner underscores the wildly shifting prospects for the United States' best-known magazines. But that was one of the key reasons for Mr Chatchaval's interest.

"He loves the brand," Mr Murray said. "And he really has an appetite to invest."

Fortune has not covered Mr Chatchaval or his family conglomerate, known as CP Group, extensively. The business is the largest private company in Thailand, with interests in department stores, banks, telecommunications companies and other businesses.

NYTIMES

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A version of this article appeared in the print edition of The Sunday Times on November 11, 2018, with the headline Fortune magazine sold to Thai businessman for $207m. Subscribe