trending Market Intelligence /marketintelligence/en/news-insights/trending/LpRsI30KxjWeIF1Esq-5Aw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Meredith completes Fortune media brand sale

China COVID-19 Trends In TV, Video

US Broadband Households Shift Into Higher Gear In H1'20, 1-Gig Adoption Soars

Cable Business Services Weather Q2 Storm, Growing Revenues, Limiting Sub Losses

COVID-19 Impact Will Shrink Number Of New US Smart City Projects

Meredith completes Fortune media brand sale

Meredith Corp. closed the sale of the Fortune media brand for $150 million in cash to Fortune Media Group Holdings Ltd., an entity owned by Chatchaval Jiaravanon.

Meredith will provide short-term business continuity services as part of the transaction and entered into a multiyear agreement with Fortune Media to offer services including marketing, subscription fulfillment, paper purchasing and printing, according to a Dec. 21 news release.

The company acquired the Fortune magazine and media brand as part of its Time Inc. purchase in January. Later in the year, the company sold the Time media brand, including flagship Time magazine, to Marc Benioff and his wife, Lynne Benioff, for $190 million in cash.

Meredith intends to use proceeds from the sale to pay down its debt, which the company plans to reduce by $1 billion during fiscal 2019. Meredith is targeting a net debt-to-EBITDA ratio of 2.0x to 1 or better by the end of its fiscal 2020. This includes generating $1 billion of EBITDA and having net debt below $2 billion by the end of fiscal 2020.

Citigroup Global Markets Inc. was financial adviser to Meredith and Cooley LLP was legal adviser. Deloitte LLP was financial adviser to Fortune Media Group Holdings and Zhong Lun Law Firm and Dechert LLP were legal advisers.