{"id":13800,"date":"2017-11-26T21:03:00","date_gmt":"2017-11-27T05:03:00","guid":{"rendered":"http:\/\/associatednews.info\/content\/meredith-corp-buys-time-inc-in-koch-backed-deal\/"},"modified":"2017-11-26T21:03:00","modified_gmt":"2017-11-27T05:03:00","slug":"meredith-corp-buys-time-inc-in-koch-backed-deal","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/meredith-corp-buys-time-inc-in-koch-backed-deal\/","title":{"rendered":"Meredith Corp. Buys Time Inc. In Koch-Backed Deal"},"content":{"rendered":"

By Emma Bowman<\/a><\/span> <\/p>\n

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\n Time Inc has finalized a deal to sell itself to Meredith Corp., in a transaction valued at $2.8 billion.<\/p>\n

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Mario Tama\/Getty Images<\/p>\n

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Mario Tama\/Getty Images<\/p>\n

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Meredith Corp., owner of Better Homes & Gardens <\/em>and Family Circle<\/em>, has struck a deal to buy magazine publisher Time Inc, for an all-cash backed transaction of $1.84 billion, joining two vastly different media portfolios, that including the company’s debt, is valued overall at $2.8 billion.<\/p>\n

The Iowa-based publisher, Meredith has agreed to pay $18.50 a share for Time \u2014the New York publisher of People<\/em>, Fortune <\/em>and Sports Illustrated<\/em>, which Meredith announced in a press release<\/a> Sunday night.<\/p>\n

“We believe this acquisition represents a transformative and financially compelling growth opportunity for Meredith Corporation,” said Meredith CEO Stephen Lacy.<\/p>\n

It’s a long-sought-after victory for Meredith, secured in large part by a $650 million investment from Charles G. and David H. Koch, the billionaire brothers known for their politically conservative advocacy. According to The New York Times<\/em>, talks of acquisition were said to be renewed earlier this month<\/a>, in a third known attempt, when the Kochs agreed to back Meredith’s offer with more than $500 million in equity.<\/p>\n

Meredith says the funds from Koch Equity Development, the Kochs’ private investment arm, will be used to finance the deal and refinance existing debt, and that “KED will not have a seat on the Meredith Board and will have no influence on Meredith’s editorial or managerial operations.”<\/p>\n