Meredith to buy Time Inc. for $1.85 billion

28 November, 2017, 01:17 | Author: Ruben Patrick
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Conservative billionaire brothers Charles and David Koch are kicking in $600 million for the purchase, according to the New York Times, although neither Meredith nor Time acknowledged the contribution in their press releases.

While Time Inc. kept stumbling over the years, Meredith grew from strength to strength, even buying local TV stations to help it stand strong against the assault on print media launched by fast-growing digital brands that more suitably address the needs of modern media consumption.

Meredith has had its eye on Time Inc for a while now. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%. The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens.

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.

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Ceryanec confirmed on the conference call that Koch Equity Development is backing the deal with a $650 million investment.

"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", Meredith chairman and CEO Stephen M. Lacy said in a statement.

"I am proud of our accomplishments and thank the talented teams across the company for their extraordinary work, relentless commitment, and passion". CEO and President Rich Battista said in a statement.

In May of this year, Time Inc announced plans to sell some magazines or other properties as it tried to push ahead with a digital strategy.

The Koch brothers-known for their conservative politics-will hold no editorial or management control over the publications owned by the Meredith Corporation.

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