Fortune Magazine to Be Sold to Thai Businessman for $150 Million

Meredith Corp. said Thai businessman Chatchaval Jiaravanon has agreed to purchase Fortune magazine for $150 million in cash, a sale that gives the storied business publication a new owner for the second time this year.

Like many of its peers in media, Fortune has suffered from declines in advertising and newsstand sales over the past several years, and it has increasingly focused on digital advertising and its growing conference business.

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