Meredith to buy Time for $3.8b in all-cash transaction
Meredith to buy Time for $3.8b in all-cash transaction
Meredith Corp. to acquire Time Inc. for $2.8 billion
28 November, 2017, 01:30
It is clear that Time's numbers have been continually declining in the past few years, as the media group has missed their financial goals in six straight quarters.
The deal gives Meredith, publisher of Better Homes & Gardens, a larger audience at a time when publishers need to get bigger to compete with Facebook and Google in advertising.
Time Inc. was bought by Meredith Corporation for $2.8 billion.
Then earlier this month, the New York Times reported that talks were back on after Charles G. and David H. Koch, who own manufacturing conglomerate Koch Industries but are probably better known for their conservative advocacy, agreed to back Meredith's offer with more than $500 million in equity. (NYSE:TIME) that could be announced this week, Reutersreports.
CEO Rich Battista said in a statement.
Meredith has attempted to purchase Time before in 2013, but that was unsuccessful.
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.
"I am proud of our accomplishments", Battista said in a statement of the company, which was founded 95 years ago this week in NY.
The transaction will create a company with combined revenues of $4.8 billion for 2016, including $2.7 billion of total advertising revenues with almost $700 million of digital advertising revenues.
Time has been reeling under the same pressures facing the rest of the magazine industry.
The deal marks the latest move in the consolidation-minded magazine business, whose owners are seeking scale as they attempt to combat diminished print readership and advertisers. Time closed Friday at $16.90/share. Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc.
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