Meredith Completes Sale of FORTUNE for $150 Million Cash
Meredith will use proceeds from the sale to pay down debt.
Meredith Corporation (NYSE: MDP) is starting the new year with $150 million of new cash in its pocket, after closing the sale of FORTUNE magazine and the FORTUNE brand. FORTUNE was purchased by Fortune Media Group Holdings Limited, owned by investor Chatchaval Jiaravanon. Meredith first announced the sale on November 9. When the initial announcement was made, Jiaravanon said he would invest in FORTUNE’s digital capabilities, expand geographically and invest in editorial talent.
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