Thai businessman Chatchaval Jiaravanon is set to purchase Fortune magazine for $150 million in cash.
Fortune Magazine is about to have a new owner for the second time this year.
According to The Wall Street Journal, Thai businessman Chatchaval Jiaravanon, who serves on the board of a number of publicly traded companies, including True Corporation Public Co., a Thai telecommunications company, has come to an arrangement to purchase Fortune magazine for $150 million in cash.
The publication, which was first published months after the 1929 stock-market crash, has suffered from declines in advertising and newsstand sales in recent years. According to reports, it will now aim to take advantage of digital advertising and its growing conference business with Mr. Chatchaval at the head.
Through a statement, the new owner said his goal was to establish Fortune as the world’s leading business media brand. “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,” Chatchaval said.
Alan Murray, who will continue to serve as Fortune’s president, said Mr. Chatchaval is buying Fortune Magazine as a personal investment because he loves the brand. “He likes our mission and will support our editorial independence and wants to see us do more and get bigger”, Murray stated, however, he ensured the new owner wouldn’t play a role in day-to-day operations.
Fortune’s staff will continue to work primarily out of New York City, Mr. Murray said, and the magazine has already started looking for new office space.