Fortune magazine sold to member of richest Thai family
US publishing house Meredith Corporation announced on November 9 it sold one of its business flagship titles, Fortune magazine, to a Thai tycoon for $150 million.
The title will be paid in cash by Chatchaval Jiaravanon, a billionaire and nephew of Dhanin Chearavanont, one of the wealthiest and most influential business leaders in Southeast Asia. Jiaravanon’s father is also a billionaire and his extended family, worth at least $36 billion, is one of Asia’s wealthiest and Thailand’s richest. It ranked fourth among Asia’s richest clans in 2017 when Forbes last calculated their fortunes.
Jiaravanon said the purchase was a “personal, private investment” and that he will hold it through Fortune Media Group Holdings Limited, set up as his personal investment company, independent of the family businesses. According to a statement from Meredith Corp., he will invest in Fortune’s digital capabilities and look to expand it internationally.
“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,” he added.
Jiaravanon got his bachelor’s degree in business administration from the University of Southern California. Now age 56, he has been involved in his family business for years. A decade ago, he was appointed executive director of the family’s CP Pokphand Group, a large food and agriculture, energy, telecom and retail conglomerate in Thailand. Jiaravanon is also involved in CP Group’s technology, media and telecom businesses. He serves as a board member of Asian communications conglomerate True Corporation. In addition, he is chairman and founder of Charoen Energy and Water Asia and CEO of Charoen Pokphand Indonesia, among other roles.
US publishing house Meredith Corporation announced on November 9 it sold one of its business flagship titles, Fortune magazine, to a Thai tycoon for $150 million. The title will be paid in cash by Chatchaval Jiaravanon, a billionaire and nephew of Dhanin Chearavanont, one of the wealthiest and most influential business leaders in Southeast Asia. Jiaravanon’s father is also a billionaire and his extended family, worth at least $36 billion, is one of Asia’s wealthiest and Thailand's richest. It ranked fourth among Asia’s richest clans in 2017 when Forbes last calculated their fortunes. Jiaravanon said the purchase was a “personal,...
US publishing house Meredith Corporation announced on November 9 it sold one of its business flagship titles, Fortune magazine, to a Thai tycoon for $150 million.
The title will be paid in cash by Chatchaval Jiaravanon, a billionaire and nephew of Dhanin Chearavanont, one of the wealthiest and most influential business leaders in Southeast Asia. Jiaravanon’s father is also a billionaire and his extended family, worth at least $36 billion, is one of Asia’s wealthiest and Thailand’s richest. It ranked fourth among Asia’s richest clans in 2017 when Forbes last calculated their fortunes.
Jiaravanon said the purchase was a “personal, private investment” and that he will hold it through Fortune Media Group Holdings Limited, set up as his personal investment company, independent of the family businesses. According to a statement from Meredith Corp., he will invest in Fortune’s digital capabilities and look to expand it internationally.
“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,” he added.
Jiaravanon got his bachelor’s degree in business administration from the University of Southern California. Now age 56, he has been involved in his family business for years. A decade ago, he was appointed executive director of the family’s CP Pokphand Group, a large food and agriculture, energy, telecom and retail conglomerate in Thailand. Jiaravanon is also involved in CP Group’s technology, media and telecom businesses. He serves as a board member of Asian communications conglomerate True Corporation. In addition, he is chairman and founder of Charoen Energy and Water Asia and CEO of Charoen Pokphand Indonesia, among other roles.
