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Time Inc Sold to Meredith Corp in Deal Bankrolled by Koch Brothers

Time Inc Sold to Meredith Corp in Deal Bankrolled by Koch Brothers

The Journal reported that Iowa-based Meredith has agreed to pay $18.50 a share in cash - a 46% premium from Time's stock at the time acquisition talks were first reported on November 15.

The Koch brothers-known for their conservative politics-will hold no editorial or management control over the publications owned by the Meredith Corporation. Meredith said they will have no influence in the combined company. It was one of a handful of bidders that made competing offers for Time earlier this year, but the deal was scrapped.

In a $1.84 billion deal, Meredith Corp is reportedly buying Time Inc in a cash agreement bankrolled by the famous - or, to some, infamous - conservative billionaires Koch brothers.

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.

That deal would come at about $2B, and (as reported) be backed by the conservative billionaire Koch brothers coming in with some $600M in financing. "Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector", Time Inc.




Koch Equity Development will not have a seat on the board nor influence editorial operations, the company said.

Time Inc. was bought by Meredith Corporation for $2.8 billion.

Meredith will pay $18.50 per share in cash for Time's almost 100 million outstanding shares.

Meredith, whose magazines include Better Homes and Gardens, Shape and Family Circle, acquired the company for $18.50 per share.

Once the two companies are merged, Meredith says they will serve almost 200 million consumers, with its digital media business reaching 170 million monthly unique visitors in the U.S. Meredith and Time Inc. made combined revenues of $4.8 billion in 2016, including $2.7 billion in total advertising revenue (with $700 million of that from digital advertising) and adjusted EBITDA of $800 million.


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