Meredith Corp. MDP, -1.11% said Friday that it has agreed to sell Fortune magazine to Fortune Media Group Ltd. for $150 million. Fortune Media Group is owned by Chatchaval Jiaravanon, a businessman who sits on the boards of companies including True Corporation Public Co. Ltd. and Ticon Industrial Connection Public Co. Ltd., and is the chairman and founder of Charoen Energy and Water Asia Co. Ltd., among other companies. The Fortune deal is expected to close in 2018. Jiaravanon plans to invest in digital, geographical expansion, and talent, according to the announcement. Fortune was founded in 1930 and features the Fortune 500, 100 Best Companies to Work for, and other signature lists. As part of the transaction Meredith has also entered into an agreement with Jiaravanon to provide services including corporate sales and subscription fulfillment. Meredith will use the proceeds from the sale to pay down debt, and expects to reduce the company’s debt load by $1 billion in fiscal 2019. Meredith shares have sunk 13.4% in 2018 while the S&P 500 index SPX, -1.26% has gained 3.7% for the period.
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