Tuesday , May 11 2021

A Thai businessman buys the Fortune magazine for 132 million euros

The Fortune magazine will have a Thai owner. The agreement is $ 150 million (132 million euros).

It was Meredith, the owner of the American magazine, who announced on Friday that he had closed the deal with the Thai businessman Chatchaval Jiaravanon. The entrepreneur manages a media group and his design "is to focus on digitization, quality journalism and geographic expansion" to make Fortune relevant to the world.

Founded in the midst of the Great Depression (1930), Fortune has become one of the most important magazines between the business elite and ratings published annually.

Looking for growth

"We want to make Fortune the world's leading media brand with a lasting and global importance," the statement said. The business's justification "is to increase demand for quality financial information".

Chatchaval Jiaravanon is active in various sectors, particularly in the telecommunications sector.

The agreement will still have to be approved by US regulators. The envelope will be closed by the end of 2018.

With 12,500 employees and revenue of € 1.8 billion, Meredith Corporation, after the acquisition of the Times, became the largest magazine firm. Its market value is $ 2.5 billion (€ 2.1 billion)

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