Fortune magazine has been sold to a Thai businessman for $150 million. According to a statement from the magazine's current owner, Meredith Corp, Chatchaval Jiaravanon will acquire Fortune as a personal investment. The renowned publication is getting a new owner for the second time in a year. As per reports, Meredith had bought 88-year-old Fortune as part of its acquisition of New York giant Time Inc. in January itself. Anushka Sharma's Photoshoot For a Magazine Cover is Drop Dead Gorgeous! (View Pic).
Jiaravanon has plans to increase investment in Fortune’s “digital capabilities, geographic expansion, and editorial talent.” Clifton Leaf will reportedly remain the Editor-in-Chief of the publication and Alan Murray will remain its President and become CEO.
In the statement announcing the deal, Jiaravanon promised to invest in technology and journalism at Fortune. According to a report in New York Times, the company announced in March, that it was seeking a buyer for Fortune, as well as for Time, Money and Sports Illustrated.