Thai businessman Chatchaval Jiaravanon, a member of one of Thailand’s richest families, has bought Fortune magazine for US$150 million through his wholly-owned company, Fortune Media Group Holdings Limited.
Fortune magazine writer Andrew Nusca said that the transaction was a personal investment of Mr Chatchaval, son of Mr Sumet, executive chairman of Charoen Pokphand Group.
Chatchaval reportedly said he intended to increase investment in Fortune’s “digital capabilities, geographic expansion, and editorial talent as part of a strategy to become the premium business content provider worldwide.”
“Our vision is to establish Fortune as the world’s leading business media brand,” said Chatchaval in a statement. “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.”
Clifton Leaf will remain the editor-in-chief of the publication. “I am very excited for this new era in Fortune’s distinguished 88-year old history,” he said.
Alan Murray will remain as president and become CEO.
Fortune is known for its franchises, including the Fortune 500, 100 Best Companies to Work For, Most Powerful Women, World’s Most Admired Companies, and 40 Under 40, among others.
