Meredith Corporation to acquire Time Inc. for USD 2.8 billion

Nov 28, 2017 13:28 IST
Meredith Corporation to acquire Time Inc.

US media company Meredith Corporation on 27 November 2017 announced to acquire Time Inc., the publisher of Sports Illustrated and Fortune magazines, for USD 2.8 billion in all-cash deal.

Meredith will pay USD 18.50 for per share of Time Inc. which totals at about USD 1.85 billion. However, Time Inc.'s debt will raise the total value of the deal to about USD 2.8 billion.

Out of the total sum, billionaire brothers Charles and David Koch will contribute USD 650 million via their private-equity firm Koch Equity Development.

The deal has been unanimously approved by the Boards of Directors of Meredith and Time Inc. The deal is expected to close during the first quarter of year 2018.

Key Benefits of Meredith-Time Inc. Deal
• Beyond comparison, Meredith's media brands will now have a readership of 135 million and paid circulation of nearly 60 million with leading positions in celebrity, food, lifestyle, news and sports, parenting, home content creation, beauty, fashion and luxury advertising categories.

• With this deal, Meredith looks ahead for a strong political advertising year in 2019. In 2017, Meredith's broadcasting business generated record revenues and profit.

• It will place Meredith in the list of Top 10 digital media companies with 170 million unique monthly visitors in the US, over 10 billion annual video views and nearly USD 700 million in digital advertising revenues.

• Meredith will be benefitted from fast-growing digital advertising platforms such as video, shopper marketing, programmatic and social platform.

• The deal is expected to boost the free cash flow in the first full year of operations.

Meredith's Local Media Group includes 17 television stations that reaches more than 11 per cent of US households, with seven stations in the nation's Top 25 including Atlanta, Phoenix, St Louis and Portland and 13 in Top 50 markets.

While, Meredith's National Media Group reaches 110 million women every month, including more than 70 per cent of US Millennial women.

SBI launches integrated digital platform YONO

ISRO to launch Aditya L-1 Mission to study the Sun in 2019

Is this article important for exams ? Yes
Read more Current Affairs on: Meredith Corporation , Time Inc , Charles and David Koch

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK