Magazines. Meredith Corp has agreed to sell Fortune magazine to Chatchaval Jiaravanon, of Thailand, for $150m. The cash price for the former Time Inc print-centric brand is thought to be some 15 x EBITDA which, therefore, represents another dealmaking coup for Meredith just a month after it secured $190m for Time magazine. Jiaravanon’s family owns the Charoen Pokphand Group (CPG), a broad-based international conglomerate and one of Thailand’s largest industrial groups. Fortune’s print business has been declining sharply and its 2018 ad pages are said to be 25% down on last year. But digital advertising and conferences are reported now to account for more than 60% of the $100m revenue. Now, what can Meredith get for the other two former Time Inc magazines it is selling, Sports Illustrated and Money?
Uncategorised
Meredith sells Fortune – for $150m
