Meredith to buy Time Inc. for $1.85 billion

28 November, 2017, 01:17 | Author: Greg Santos
  • Koch Brothers to Buy Time Magazine

United States media company Meredith Corp said on Sunday it will buy Time Inc, the publisher of Sports Illustrated and Fortune magazines, in a $1.84 billion allcash deal backed by conservative billionaire brothers Charles and David Koch. This was the third time Meredith attempted to acquire Time since 2013. Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%. Some of the media company's popular magazines include Better Homes & Gardens, Parents and Family Circle. Time Inc.is best known for publishing its eponymous news weekly, but its other titles include Fortune, Entertainment Weekly, People, Sports Illustrated and InStyle.

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Koch Equity Development, the brothers' investment arm, will not have a seat on Meredith's board or have influence on its editorial or managerial operations, according to the statement. Once part of Time Warner Inc, Time Inc was spun out as a separate unit in 2014 after talks to merge the division with Meredith collapsed. The deal is expected to close within the first quarter of 2018. The Des Moines-based Meredith Corporation was founded in 1902. CEO Rich Battista said in a statement. "We are also creating a powerful digital media business with 170 million monthly unique visitors in the USA and over 10 billion annual video views, enhancing Meredith's leadership position in reaching Millennials".

"When you combine our strong local television business - which has grown operating profit 15 percent annually over the last five years - with the trusted, premium multiplatform content creation of Meredith and Time Inc., it creates a powerful media company serving consumers and advertisers alike". And its revenue has dropped consistently over the previous year and a half.

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