In the statement announcing the deal, Mr. Jiaravanon promised to invest in technology and journalism at Fortune.

Like all magazines, Fortune’s print business has declined — ad pages for 2018 are down more than 25 percent — which prompted the title to focus on other potential areas of growth, specifically digital advertising and conferences. Those businesses now make up about 62 percent of Fortune’s nearly $100 million in annual revenue, and the magazine makes about $10 million in profit when not taking into account interest, taxes, depreciation and amortization.

The purchase price and Mr. Jiaravanon’s willingness to invest in the magazine were key factors in his winning bid, Mr. Murray said, although the specific amount of additional investment was not discussed. The magazine is likely to add to its staff and will consider putting a paywall on its website.

Meredith moved quickly after acquiring Time Inc. last year to sell the magazines that did not fit into its existing stable: glossies centered around home and lifestyle and geared toward female readers. The company announced in March that it was seeking a buyer for Fortune, as well as for Time, Money and Sports Illustrated. Although Meredith’s decision to sell those titles was widely expected, it nonetheless signaled a further decline of the magazine industry.

Auctioning off the magazines was more complicated than Meredith executives had expected. As a case in point: Mr. Benioff was close to buying Fortune before switching his preference to Time when he saw that it was a bigger business. At that point, Meredith had to seek new bidders for Fortune.