Meredith to sell Fortune brand for $150 million

NEW YORK (AP) — Media and publishing giant Meredith Corp. says it is selling its Fortune brand for $150 million in cash to Fortune Media Group.

The deal, subject to regulatory approval, is expected to close by the end of the year.

Fortune Media Group is owned outright by Thai businessman Chatchaval Jiaravanon, a part owner of the international conglomerate Charoen Pokphand Group.

Meredith had acquired Fortune as part of its purchase of Time Inc., which closed early this year. Meredith then sold Time in September for $190 million.

Founded in 1930, Fortune's franchises include the Fortune 500, the 100 Best Companies to Work For and other similar titles.

The transaction is part of a continued trend of older, struggling print publications being bought up by wealthy businessmen.