The magazine known for its Fortune 500 list, has now been bought for $150 million.
The former owner of the magazine, Meredith Corporation, purchased Time Inc. last year in January and has now agreed to a deal with a wealthy Thai businessman, Chatchaval Jiaravanon.
In a statement released, Jiaravanon says, “Our vision is to establish Fortune as the world’s leading business media brand, with an always-on reach and global relevance,” adding, “The demand for high-quality business information is growing, and with further committed investment in technology and brilliant journalism, we believe the outlook for further profitable growth is excellent both for the publication and the events business,” CNN reports.
Other billionaires have bought media properties like Benioff and Amazon’s Jeff Bezos, who owns the Washington Post. Jiaravanon will now join the ranks as he owns Fortune as a “personal private investment” independent of his businesses, according to CNN.
Like many other media entities, Fortune has faced obstacles financially but apparently, Jiaravanon has big plans for the publication.