Meredith to buy Time Inc. for upward of $2.8 billion
28 November, 2017, 01:32 | Author: Raquel Nash
The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in 2013.
Time Inc. owns and publishes over a hundred magazines, including its namesake Time, in addition to other major publications such as People, Sports Illustrated, Entertainment Weekly and Fortune magazines. Wall Street responded enthusiastically to Meredith's move, pushing the stock up as much as 16% Monday, before settling down in midday trading to about 10% over the media stock's previous closing price. "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 Paris-based investment bank has been hired at least three times in the past two years to represent a firm owned by billionaires Charles and David Koch, including Sunday's agreement to back Meredith Corp.'s $1.8 billion cash bid for Time Inc.
Meredith's brands include Better Homes & Gardens, Allrecipes, Parents and Shape. CEO and President Rich Battista said in a statement.
"We are creating a premiere media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile and social platforms positioned for growth", Meredith chief executive Stephen Lacy said in a statement announcing the deal.
After indicating late a year ago that it was willing to entertain offers, Time shut down the process in April, saying it planned to continue as an independent company.
Time has been reeling under the same pressures facing the rest of the magazine industry.
Meredith will pay $18.50 per share in cash for Time's almost 100 million outstanding shares. Meredith will pay $18.50 per share of the publicly traded Time Inc. It has traded between $9.90 and $20.40 a share over the past 52 weeks.
"Get ready for next year's new Time Magazine feature "Person of the Last & Next Century" Ayn Rand", Boyle tweeted.
HTC had confirmed back in August that it will soon be rolling out the Android Oreo update for the HTC U11 , U Ultra and the U10. Over the air updates typically roll out in stages, so it make take a couple of days for Oreo to hit your unlocked HTC U11 .
But not this time, as Tai was crowned the Hong Kong Super Series champion defeating the second seed Indian 21-18, 21-18. But a string of errors and a flawless display by Tai lead to Sindhu losing 5 straight points and the match itself.
But, Idaho AAA spokesperson Matthew Conde says that even with reduced demand, typical fall gas savings have been slow to come. The lowest price in Miami-Dade was $2.33 at Marathon on South State Road 7 and Northwest 199th Street in Miami Gardens.
The special election to fill the seat held by Republican Jeff Sessions, now the US attorney general, is December 12. The move comes as allegations of sexual misconduct against the Alabama Republican continue to roil his campaign.
Pistorius was jailed in July 2016 after being found guilty on appeal of murdering Ms Steenkamp on Valentine's Day 2013. Friday's decision also has possible consequences for where he is held for the remainder of his sentence.
Schiano had been out of coaching since 2013, after he was sacked by the Buccaneers following an 11-21 tenure in two seasons. He had a run of success at Rutgers , posting a 68-67 record as the Scarlet Knights' head coach from 2001-2011.
He won 12 games in each of his last three years with OR and went 10-3 in his first season with the school in 2009. His high-powered and high-paced offense helped lead the Ducks to a 46-7 record and multiple bowls in 4 years.
Trudeau's comments came in a statement made to acknowledge the International Day for the Elimination of Violence Against Women. The groups recommend five steps health care workers can take respond to and help prevent violence against women.
College of Charleston volleyball earns second at-large NCAA bid
The Bears owns a 30-9 series lead versus Creighton, and have not played since the Bluejays left the MVC following the 2012 season. Coastal recorded its first NCAA Tournament victory last season when it defeated James Madison in five sets in the first round.
Found new spy feature in Google Android smartphones
Devices with cellular data or WiFi connection appeared to send data each time they were in range of a new cell tower. Google told Quartz the information was never stored and it said Android would be updated to stop the practice.