Fortune magazine sold to Thai businessman

Posted November 9, 2018 9:29 a.m. EST

— Fortune has a new owner.

Meredith Corporation, which bought Time Inc. last year in a deal completed this January, announced Friday that it has agreed to sell Fortune to Chatchaval Jiaravanon, a Thai businessman. The purchase price is $150 million in cash, Meredith said.

This is the second sale of one of Time Inc.'s flagship properties this fall. Meredith previously sold Time magazine to Salesforce founder Marc Benioff and his wife Lynne.

This is a developing story. More to come...