Time closed Friday at $16.90/share. (NYSE:TIME) that could be announced this week, Reuters reports. It also brings together two companies that have long courted different audiences, seeking readerships that echoed the places they called home.
While Time Inc. kept stumbling over the years, Meredith grew from strength to strength, even buying local TV stations to help it stand strong against the assault on print media launched by fast-growing digital brands that more suitably address the needs of modern media consumption.
Earlier this year, Meredith was forced to walk away from another attempt, one of the reasons being it could not secure adequate financing.
The Koch brothers' involvement only represents a passive investment.
United States media company Meredith Corp said on Sunday it will buy Time Inc, the publisher of Sports Illustrated and Fortune magazines, in a $1.84 billion allcash deal backed by conservative billionaire brothers Charles and David Koch.
Unions Call for ILO Convention on Gender-Based Violence
Nearly half of the women who were killed in 2012 were killed by either partners or family members, compared to 6% of men. The worldwide community is turning attention to the violence that women and girls are dealing with on a global scale.
The acquisition also gives the billionaire Koch brothers, who agreed to support Meredith's offer with an equity injection of US$650 million, a foothold in the struggling magazine industry.
Media watchdogs have expressed concern over the potential influence of the Koch brothers on Time Inc. The brothers are supporters of libertarian and conservative causes and especially generous with funding for climate denial. This was the third time Meredith attempted to acquire Time since 2013.
"The transaction is valued at $2.8 billion and that includes refinancing almost $900 million of Time Inc.'s net debt", Ceryanec said. Time Inc.is best known for publishing its eponymous news weekly, but its other titles include Fortune, Entertainment Weekly, People, Sports Illustrated and InStyle.
The Des Moines, Iowa-based company said in the statement that the all-cash deal had been approved by both firms' boards of directors and is expected to close in the first quarter in 2018.