October 21, 2020

A Thai magnate buys the magazine 'Fortune' | Economy

A Thai magnate buys the magazine 'Fortune' | Economy



Magazine Fortune has a new owner Thai businessman Chatchaval Jiaravanon has offered 150 million dollars (132 million euros) in cash to Meredith media group for one of the most iconic headlines in the business world. The change of hands is announced when it has not been two months since the sale of the magazine Time Marc Benioff, one of the most important figures in Silicon Valley, and his wife Lynne.

The Asian tycoon buys Fortune as a personal investment. This is what Jeff Bezos also did when he acquired the publishing group of the rotary The Washington Post. The founder of Amazon marked five years ago the beginning of a trend that was joined by Patrick Soon-Shiong with Los Angeles Times and Lauren Powell, the widow of Steve Jobs, by winning a majority stake in The Atlantic.

Meredith It was done in January with the group that edited the magazines Time Y Fortune. He is also looking for a buyer to Money Y Sports Illustrated, because they do not fit with the rest of their headers. Jiaravanon justifies the purchase stating that "the demand for high quality information grows" and for this reason is committed to invest in a "brilliant journalism." Believe that it can be a profitable business.

The Thai businessman is executive chairman of the Charoen Pokphand conglomerate, which controls telecoms company True Corporation, which owns the country's largest television network, and provides Internet access services. Fortune is the showcase for 88 years of success in the business world. It is known for its lists of most relevant companies and leaders.

Alan Murray, its president, and Clifton Leaf, its editor, will continue directing the publication. "We have found an owner to Fortune who believes in our mission, values ​​our editorial independence, wants to invest in our journalism and thinks it can be a leading brand in the world, "Murray said in a statement released by Meredith. "A new era begins," concludes Leaf, "we will do great things in the future."

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