[ad_1]
Murray, who helped lead the process with Citigroup, his bank advisor, said in September: "It was a learning process, and it takes a lot more time than you think.
Mr. Jiaravanon, 56, who will play no role in running the magazine, has become a suitor only in the last three weeks, said Murray. Meredith had talked to a dozen serious buyers for the magazine this year.
The deal was concluded Friday night in Hong Kong, where Mr. Jiaravanon celebrated his acquisition at a dinner with Mr. Murray.
Fortune, the second title created by Henry Luce, founder of Time Inc., has won numerous awards during his 88 years. He has become known for his detailed features, which often pick up the rise or fall of a business as an animated case study.
The fact that a little-known businessman like Mr. Jiaravanon becomes the new owner of Fortune highlights the extremely changing perspectives of America's best-known magazines. But this is one of the main reasons for Mr. Jiaravanon's interest.
"He likes the brand," Murray said. "And he really likes to invest."
The fortune did not cover Mr. Jiaravanon or his family conglomerate, known as the C.P. Group, widely. The family business is Thailand's largest private enterprise, with department stores, banks, telecommunication companies and other businesses. The president of the company, Dhanin Chearavanont, is often at the top of the list of the richest people in Thailand.
Mr. Jiaravanon, a graduate of the University of Southern California, also serves on the board of trustees of True Corporation, a Thai media company that makes a turnover of more than $ 4 billion. .
His ownership of Fortune immediately turned Mr. Jiaravanon on the world stage, but he did not buy the magazine "for his personal glory," Murray said. "The fact that he does not speak to you is the proof."
Source link
