Fortune Magazine, founded by Henry Luce in 1929 and among the oldest and most venerable business publications globally, has been sold to a private investor.
Meredith Corp. (MDP) announced Friday it has sold the publication to Fortune Group Media Holdings Limited, owned by Thai businessman Chatchaval Jiaravanon, for $150 million in cash.
The sale marks the second divestiture of a high-profile magazine in Meredith's portfolio, which expanded after it acquired Fortune parent Time Inc. a year ago for 2.8 billion.
In January, Meredith put Fortune, Time, Money and Sports Illustrated up for sale. In September, it agreed to sell Time for $190 million to Marc Benioff, co-founder of Salesforce.com, and his wife, Lynne Benioff.
"Our vision is to establish Fortune as the world's leading business media brand, with an always-on reach and global relevance," Jiaravanon said 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."
Founded in 1930 at the onset of the Great Depression, Fortune was geared toward a wealthy and influential business audience, though it became known over the years for its Fortune 500 list of companies and wealthy individuals as well as other well-known franchises including 100 Best Companies to Work For; Most Powerful Women and Top 40 Under 40.