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Time Inc. agrees to be sold to rival publisher Meredith

28 November, 2017, 01:40 | Author: John Swanson
  • Time Inc. bought by Meredith Corporation for $2.8B in Koch-backed sale

Lacy did not indicate how aggressively Meredith will move to reconcile the legacy-driven business of its core brands with the relatively more digital-minded Time Inc. titles or what form the streamlining will take. As far as the brothers themselves, Slusark said, "no one from Meredith has ever met with, spoken to or communicated with the Koch brothers in any fashion". Koch Equity Development, the brothers' investment firm, is putting up $650 million to receive preferred equity in the deal. And now they'll have a stake in an iconic media company - Time Inc. "We're looking at deals across all sectors, all industries", he said.

Thus their investment in Meredith's purchase of Time has stirred up concerns that they intend to call the shots, or at least have their say, on Time Inc.'s coverage, despite Meredith's claims to the contrary.

The transaction received financial backing from the billionaire Koch brothers, Charles and David.

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The boards of both companies have approved the transaction, which is due to be finalized in the first semester of 2018, Meredith said in a statement.

Rich Battista, who has been Time Inc.'s president and chief executive for only slightly more than a year, will leave the publisher after helping Meredith's management with the transition, Time Inc. said. The companies in which it has announced investments are fairly low profile, such as Guardian, a leading manufacturer of glass products, and ADT/Protection One, the home security company. Essentially this is a three-year loan. Meredith expects it will save up to $500m in costs in the first two years of operation and plans to "aggressively pay down" debt by 2020.

Meredith's brands include Better Homes & Gardens, Allrecipes, Parents and Shape. "And it's the most sacred and the safest revenue stream of any media company".

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A long chapter in media history came to an unlikely close on Sunday night with a sale agreement for Time Inc, the publisher of once-prestigious magazine titles including Time, Sports Illustrated and People.

A deal between Meredith and Time Inc fell apart in 2013 after Meredith reportedly said that it did not want to acquire some of Time Inc's bestknown titles, including Time, Fortune and Sports Illustrated.

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