Meredith to buy Time Inc. for upward of $2.8 billion

28 November, 2017, 01:32 | Author: Raquel Nash
  • AP									SOURCE AP

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.

Miss South Africa Demi-Leigh Nel-Peters crowned Miss Universe 2017
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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.

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