The executive chairman of Charoen Pokphand Group (CP Group), Chatchaval Jiaravanon has made an offer to be the new owner of Fortune magazine.
CP Group is the major shareholder of Thailand-based CP Foods, the third largest poultry company in Asia and sixth largest in the world. CP Group is also the largest animal feed company in the world, according to the Feed Strategy Top Feed Companies survey.
According to O’Dwyer’s, Jiaravanon intends to purchase Fortune for US$150 million from Meredith Corp., which obtained Fortune with its acquisition of Time Inc.
The deal is expected to close by the end of 2018.
Fortune editor-in-chief Clifton Leaf is expected to remain in his post, while Fortune president Alan Murray will retain his role, as well as become the CEO. Most of the Fortune staff will continue to work in New York, although new office space is being sought.
Jiaravanon said he plans to increase the company’s investment in “digital capabilities, geographic expansion and editorial talent.”
CP Group is Thailand’s largest conglomerate. In addition to owning business interests in the meat and poultry industry, it is also active in the telecommunications, food, retail, automotive, finance and pharmaceutical industries.
