Two US-headquartered firms are advising as a Thai businessman has agreed to buy the Fortune media brand from Meredith Corporation.
Dechert is acting for Fortune Group Holdings Ltd, wholly owned by Chatchaval Jiaravanon, who has agreed to buy the iconic brand for US$150m. Cooley is advising Meredith on the acquisition, which is expected to close this year.
Dechert said that Jiaravanon will own Fortune as a personal private investment independent of his billionaire family’s conglomerate, the Charoen Pokphand Group. The businessman intends to invest in the brand’s digital capabilities.
Dechert’s team is headed by Hong Kong-based corporate partner David Cho and national partner Yang Wang.
Philadelphia-based partner Thomas K. Johnson II, Frankfurt-based partner Clemens York, and New York-based partners Joshua H. Rawson and Joshua Y. Milgrim are also part of the team. They are assisted by counsel Spencer Park, as well as associates Iris Park, Beverly A. Ang and Thomas J. Miller.
“The acquisition exemplifies the current appetite for outbound investment in the media industry from Asian investors,” Cho said.