Meredith acquires Time, Inc.

[ColDayNews 438]

From Reuters:

U.S. media company Meredith Corp (MDP.N) is nearing a deal backed by conservative billionaire brothers Charles and David Koch to buy Time Inc (TIME.N), publisher of Sports Illustrated and Fortune magazines, for about $2 billion, people familiar with the matter said on Sunday.

 

It would give news, business and sports brands to the Des Moines, Iowa-based publisher and broadcaster, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle. Analysts have said that bulking up on publishing assets could give Meredith the scale required to spin off its broadcasting arm into a standalone company.

 

A unit of Koch Industries has been backing Meredith’s bid with $600 million in financing, sources previously told Reuters. It is not clear how much influence the Koch brothers would have over the company. The Koch brothers are two of the world’s richest men through their ownership of Koch Industries, a sprawling industrial empire that manufactures such products as Brawny paper towels, Dixie Cups and Lycra.

 

The Kochs, known for their advocacy of conservative policies and influence on some quarters of the Republican Party, had previously expressed interest in buying media properties such as the Los Angeles Times and the Chicago Tribune in 2013.

 

Meredith may announce an agreement to acquire Time as early as this week, the sources said. If the companies can finalize arrangements overnight, the announcement could come on Monday, one of the sources added.

 

The sources, who spoke on condition of anonymity because the matter is confidential, cautioned that the talks could collapse at the last minute without a deal. Meredith, Time and a representative for Koch Industries did not immediately respond to requests for comment.

 

https://www.reuters.com/article/us-time-m-a-meredith/meredith-nears-koch-backed-deal-to-buy-u-s-publisher-time-sources-idUSKBN1DQ0TH

[oklahomanewsman 210]

https://apnews.com/8cc47ea85807473f911f0f9d9420afa7/Meredith-buying-Time-Inc.-for-about-$1.8-billion?utm_campaign=SocialFlow&utm_source=Twitter&utm_medium=AP

 

AP is reporting that Meredith has officially acquired Time, Inc. for $1.8 Billion Dollars

 

So they pretty much announced it earlier than expected and they decided to announce the deal tonight rather than wait until tomorrow to announce the deal

[Conrad 113]

So, Time Meredith and AT&T Warner, anyone?

[broadcastfan9751 140]

From Reuters:

U.S. media company Meredith Corp (MDP.N) is nearing a deal backed by conservative billionaire brothers Charles and David Koch to buy Time Inc (TIME.N), publisher of Sports Illustrated and Fortune magazines, for about $2 billion, people familiar with the matter said on Sunday.

 

It would give news, business and sports brands to the Des Moines, Iowa-based publisher and broadcaster, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle. Analysts have said that bulking up on publishing assets could give Meredith the scale required to spin off its broadcasting arm into a standalone company.

 

A unit of Koch Industries has been backing Meredith’s bid with $600 million in financing, sources previously told Reuters. It is not clear how much influence the Koch brothers would have over the company. The Koch brothers are two of the world’s richest men through their ownership of Koch Industries, a sprawling industrial empire that manufactures such products as Brawny paper towels, Dixie Cups and Lycra.

 

The Kochs, known for their advocacy of conservative policies and influence on some quarters of the Republican Party, had previously expressed interest in buying media properties such as the Los Angeles Times and the Chicago Tribune in 2013.

 

Meredith may announce an agreement to acquire Time as early as this week, the sources said. If the companies can finalize arrangements overnight, the announcement could come on Monday, one of the sources added.

 

The sources, who spoke on condition of anonymity because the matter is confidential, cautioned that the talks could collapse at the last minute without a deal. Meredith, Time and a representative for Koch Industries did not immediately respond to requests for comment.

 

https://www.reuters.com/article/us-time-m-a-meredith/meredith-nears-koch-backed-deal-to-buy-u-s-publisher-time-sources-idUSKBN1DQ0TH

 

Time, Inc and Meredith have officially announced the deal.

[NowBergen 717]

Some analysts believe Meredith may spin off or sell their broadcast interests. Something to keep an eye on as Pai(d off) is on the verge of handing most local TV to Sinclair and Nexstar.