Washington, DC – November 29, 2018 – Cooley advised Meredith on its agreement to sell the Fortune media brand to Fortune Media Group Holdings Limited, wholly owned by Chatchaval Jiaravanon, for $150 million. The transaction is expected to close by the end of the year. Lawyers Kevin Mills and Aaron Binstock led the Cooley team advising Meredith.
Jiaravanon is involved in Thailand-based international conglomerate Charoen Pokphand Group’s technology, media and telecom businesses. He will own the Fortune brand as a personal private investment and intends to increase investment in its digital capabilities, geographic expansion and editorial talent as part of a strategy to become the premium business content provider worldwide.
“We're pleased to have found Fortune a great home with Chatchaval Jiaravanon,” Meredith CEO and President Tom Harty said in a news release. “His dynamic leadership will enable the iconic Fortune brand to grow. We thank the Fortune team for their diligent work and wish them continued success."
Cooley previously advised Meredith on its purchase of Time Inc. Shortly after the deal closed in January, Meredith announced it intended to sell Time Inc.'s news and sports brands – Time, Sports Illustrated, Fortune and Money – to focus on those serving its core audience of American women. Last month, Cooley advised Meredith on a deal to sell the Time media brand.
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