Meredith Corporation (NYSE: MDP) is starting the new year with $150 million 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.

“Our vision is to establish FORTUNE as the world’s leading business media brand, with an always-on reach and global relevance,” said Jiaravanon 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.”

FORTUNE was started in 1930, first as a print magazine and later expanding into a multiplatform, multimedia business. In addition to its monthly magazine with several international editions, FORTUNE’s digital presence reaches close to 20 million people each month around the world.

Alan Murray, who will be FORTUNE’s president and CEO, commented on the sale.

“I am pleased that we have found an owner for FORTUNE who believes in our mission, values our editorial independence, wants to invest in our journalism, and thinks FORTUNE can be the leading brand providing business insight and information around the world.  Watch this space: we will be doing big things in the future,” said Murray.

As part of a multi-year agreement, Meredith will continue to provide certain services to Fortune Media Group Holdings including sales, marketing, subscription fulfillment, paper purchasing and printing services. Clifton Leaf will remain FORTUNE’s editor-in-chief.

FORTUNE was part of Meredith’s acquisition of Time Inc. which closed on January 31, 2018. Following the sale, Meredith announced it would sell the Time Inc. properties that were not consistent with its target audience of American women. At the end of October, Meredith closed on the sale of TIME magazine to Salesforce’s Marc Benioff and his wife Lynne for $190 million.

The two sales combined – TIME and FORTUNE – have generated $3480 million for Meredith. The company is currently negotiating the sale of Sports Illustrated and MONEY. According to a December 21 news release announcing the sale, Meredith will use proceeds from the FORTUNE sale to pay down debt. The company’s plan is to reduce total debt by $1 billion in fiscal 2019.

The closing of the FORTUNE sale comes just eight days after Meredith announced changes to Health magazine, which will sport a new look in its January/February 2019 issue. The new issue will include an updated design, a cleaner look and bolder photography. The issue, featuring actress Connie Britton, is on newsstands now.

“Being healthy has become a way of life. We provide the answers and inspiration that our readers need to take charge of their health in every way, every day,” said Amy Conway, Health’s new editor-in-chief. “This new look is strong, intelligent and pretty. It brings our readers into our pages and conveys a positive and motivating tone-whether we’re presenting a new way to work out, the latest in skin care, nutritious dinners, or even information about conditions and challenges our readers may face.”

With more than 30 years in the business, Health reaches 9 million readers each month, sharing information about physical and mental health, wellness, exercise, skin care, beauty, food and nutrition. It has a total reach of close to 29 million, according to Meredith.

Insider Take:

Since its acquisition of Time Inc., Meredith has been transparent about its plans to sell certain media properties that don’t fit its target audience, and this sale is consistent with those plans. While the individual investors are not whom who you might expect to purchase a consumer magazine or brand, they can clearly afford the investments and have the connections and backgrounds to continue the success of these brands as they evolve in an ever-changing media landscape.