Publishing giant Meredith has finalized the sale of Fortune Magazine for $150 million to Thai businessman Chatchaval Jiaravanon.
Jiaravanon surfaced in October as a buyer after Marc Benioff and his wife pivoted to a purchase of Time magazine instead of buying Fortune. The Time deal for $190 million closed in November.
Des Moines, Iowa-based Meredith previously stated it would sell Fortune, Time, Sports Illustrated and Money, titles it acquired in its $2.8 billion Time Inc acquisition. Meredith will use the proceeds to pay down debt.
Fortune will become part of the new Fortune Media Group.
Jiaravanon is one of the richest men in Thailand, the son of the executive chairman of Thailand’s Charoen Pokphand Group.
Meredith Corp. earlier this year said it planned to lay off 1,200 workers by year-end and explore the sale of the four key brands. Meredith claimed the titles in question don’t fit with its established target audiences and advertising plans, which includes titles like Better Homes and Gardens.