Meredith Corp. acquires Time Inc. in $2.8 billion Koch-backed deal
28 November, 2017, 00:48 | Author: Regina Lloyd
Meredith had expressed interest in buying Time earlier this year and then walked away because it could not secure the necessary financing.
Meredith Corp agreed to acquire Time Inc for US$2.8 billion (S$3.8 billion) including debt, swallowing the once-mighty home of Fortune and Sports Illustrated after the Internet age wreaked havoc on even the most prestigious magazine titles. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%. Reutersreports that the deal will be worth $1.84 billion.
$650 million of the equity raised stems from Conservative billionaires the Koch brothers (Koch Equity Development), something that has already lead Meredith to play down their involvement.
Time, which also publishes Fortune and Sports Illustrated, began looking for a buyer late past year before giving up several months later, while welcoming options.
"We are creating a premier media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth", said Meredith Corporation Chairman and CEO Stephen M. Lacy.
"We think there's tremendous untapped potential", Time CEO Rich Battista told The New York Times about why the company was turning away potential suitors.
Time Inc announced in June a year ago that it would slim down its cycling portfolio to focus on the flagship title Cycling Weekly. Like other media companies, Time is focusing on moving from a print focus to a multimedia approach.
Meredith's offer is for $18.50 per Time share, up about 10% from the shares' closing price of $16.90 Friday. 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. "Thanks anyway!" he wrote on Twitter.
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He was a part of two national championship teams in 2006 and 2008, when he served as Urban Meyer's offensive coordinator. Foley and Mullen did not have a strong relationship during his time as Florida's coordinator.
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