Meredith seals $1.85B deal for Time Inc

28 November, 2017, 01:29 | Author: Rita Burton
  • Time Inc. nearing sale to company backed by Koch brothers: report

Meredith said that Koch Equity Development, the investment arm of Koch Industries, will contribute $650 million in equity to help finance the deal. "We look forward to completing the transaction; welcoming the Time Inc. employees to Meredith; delivering on our pledge to achieve identified synergies; and growing shareholder value".

The magazines now published by Meredith are not highly circulated, as their current line-up includes niche publications such as Better Homes and Gardens, Every Day with Rachael Ray, and Traditional Home. And its revenue has dropped consistently over the a year ago and a half. Its most popular magazine, Better Homes & Gardens, has a circulation of 7.7 million, the fourth-highest for a magazine in the United States, according to the Magazine Publishers of America.

Meredith, based in Des Moines, owns Shape, Parents and other mass-market titles.

The first issue of Time (March 3, 1923), featuring Speaker Joseph G. Cannon.

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"We are creating a premier media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile and social platforms positioned for growth", said Meredith Corporation chairman and CEO Stephen Lacy. 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.

"We think there's tremendous untapped potential", Time CEO Rich Battista told The New York Times about why the company was turning away potential suitors. "Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector", Time Inc.

"Meredith said in its press release that the Koch brothers will have no influence on how the company is run or its editorial content: "[Koch Equity Development] will not have a seat on the Meredith Board and will have no influence on Meredith's editorial or managerial operations.

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