The deal, subject to regulatory approval, is expected to close by the end of the year. Meredith said Friday it will use the proceeds to pay down debt.
Fortune Media Group is owned outright by Thai businessman Chatchaval Jiaravanon, a part owner of the international conglomerate Charoen Pokphand Group.
Meredith, based in Des Moines, Iowa, had acquired Fortune as part of its purchase of Time Inc., which closed early this year. Meredith then sold Time magazine in October to Marc Benioff and his wife, Lynne. Marc Benioff was a co-founder of Salesforce, a cloud computing company.
As it looks to focus on brands serving American women, Meredith says it soon hopes to announce the sales of Sports Illustrated and Money, also acquired in the Time Inc. deal.
The transaction is part of a continued trend of older, struggling print publications being bought up by wealthy businessmen. In 2013, Amazon founder Jeff Bezos purchased The Washington Post was for $250 million.
Founded in 1930, Fortune's franchises include the Fortune 500, the 100 Best Companies to Work For and other similar titles.