Meredith sells Fortune magazine to Thai billionaire for $150M

MEREDITH CORPORATION LOGOU.S. media company Meredith Corp is selling Fortune magazine for $150 million in cash to Thai businessman Chatchaval Jiaravanon, the second time the influential business magazine has changed hands this year. Best known for the “Fortune 500” list, the magazine was acquired by Meredith as part of its acquisition of Time Inc in January for $1.84 billion.

Jiaravanon is best known for his affiliation with Charoen Pokphand Group, or C.P. Group, a business conglomerate with stakes in the Thai telecommunications, food, retail and automotive industries.

The Fortune sale is expected to close before the end of the year and it will be a personal holding of Jiaravanon. In a statement, Jiaravanon said he wants to make Fortune “the world’s leading business media brand. 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”.

Alan Murray, who has been editor of Fortune since 2014 and previously served as chief content officer of Time Inc., is becoming president and CEO of Fortune. He wrote on Twitter that he’s “delighted to have found a buyer for Fortune that shares our mission, our independence and will invest to make Fortune grow.”

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Meredith Corporation completes acquisition of Time Inc.

MeredithMeredith Corporation has completed its acquisition of Time Inc., with February 2018 the first day of operations for the combined company. Time Inc. shareholders received $18.50 per share in an all-cash transaction valued at $2.8 billion originally announced on 26 November 2017. Meredith also announced fiscal 2018 second quarter and first half results.

Meredith Corporation Chairman and CEO Stephen M. Lacy said, “With this acquisition, we are creating a premier media and marketing company serving 200 million American consumers that’s positioned for growth across industry-leading digital, television, print, video, mobile, and social platforms. The combined portfolio joins the rich content-creation capabilities of many of the media industry’s strongest national brands with a powerful local television business that is generating record earnings.”

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Essence Ventures acquires Essence Communications from Time Inc.

EssenceEssence Ventures LLC, an independent African-American owned company focused on merging content, community and commerce, has acquired multi-platform media company Essence Communications Inc. from Time Inc. The terms of the transaction were not disclosed.

The all black female executive team of Essence, including Essence President Michelle Ebanks, will have an equity stake in the business, reestablishing Essence as a 100% black-owned independent company.

Since its founding in 1970, Essence has advocated women’s empowerment and the diverse images and lifestyles of black women. Today, Essence is an international, omni-channel destination for diverse storytelling and original content comprising beauty, fashion, lifestyle, entertainment and culture.

Essence currently reaches a global audience of more than 16 million across its various platforms encompassing its signature print magazine; digital, video and social platforms; television specials, and live events, including the annual Essence Festival, a cultural celebration that debuted in 1995 and is now one of the country’s largest annual events, attracting more than 450,000 attendees.

Richelieu Dennis, founder and chairperson of Essence Ventures, said “We are excited to be able to return this culturally relevant and historically significant platform to ownership by the people and the consumers whom it serves and offer new opportunities for the women leading the business to also be partners in the business. We remain committed to leveraging our resources to provide opportunities for other culturally-rooted entrepreneurs and businesses that further our culture and create economic opportunities for our communities.”

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AOL completes acquisition of Adap.tv

aolAOL Inc. has completed its acquisition of Adap.tv, a global, programmatic video advertising platform for the world’s largest brands, agencies, and publishers. The terms of the deal were not disclosed.

Adap.tv is a global programmatic video technology stack across all screens and will operate independently as part of AOL’s video organisation. It will be included as part of the overall solution offered by AOL Networks to publishers, advertisers and agencies.

adapt“With the addition of Adap.tv, AOL’s leadership position in digital video is further solidified,” said Tim Armstrong, Chairman and CEO of AOL. “AOL is well positioned to capitalize on two clear trends in the video space – the movement of advertising dollars from linear to online video and the shift from manual transactions to programmatic media buying. We welcome Adap.tv and its extremely talented employees to the AOL team.”

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Shutterfly Acquires ThisLife

shutterflyShutterfly has acquired ThisLife, a cloud-based solution offering intuitive photo and video organization, storing and sharing.

“Since 1999, Shutterfly has made it easier for consumers to be more creative with their memories,” said Jeffrey Housenbold, president and chief executive officer of Shutterfly. “The combination of ThisLife’s best in class cloud organization and storage solution with Shutterfly’s award-winning product creation paths, uniquely positions Shutterfly to be the leading full service solution for storing, organizing, and sharing life most important memories.“this life

In the coming months, Shutterfly will add ThisLife’s technology to the Shutterfly platform. ThisLife’s intelligent organization platform offers features like facial recognition and presents photos and albums in an elegant timeline for convenient sharing and product creation. ThisLife’s employees, including founders Andrea and Matt Johnson, will join Shutterfly.

The company will share additional details about the acquisition on its Q4 2012 earnings call.

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Rumour: Shutterfly to acquire ThisLife

this lifeTechCrunch is reporting a rumour that Shutterfly is to acquire online photo sharing and storage startup ThisLife an online photo storage and sharing service. The price is rumoured to be around $25 million.

This life raised $2.75 million seed funding in June 2012, led by Madrona Venture Group.

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