Time Magazine will be purchased by the Meredith Corporation. Meredith Corporation is an Iowa based company and also own Better Homes & Gardens and Family Circle. Time Magazine owns People, Fortune and Sports Illustrated, and are based in New York.
From the Meredith Press Release:
Meredith Corporation (NYSE: MDP; www.meredith.com) announced today that it has entered into a binding agreement to acquire all outstanding shares of Time Inc. (NYSE: TIME; www.timeinc.com) for $18.50 per share in an all-cash transaction valued at $2.8 billion. The transaction has been unanimously approved by the Boards of Directors of Meredith and Time Inc., and is expected to close during the first quarter of calendar 2018.
“We are creating a premier media company serving nearly 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth,” said Meredith Corporation
From the Time Magazine Twitter Account:
Meredith buying Time Inc. for about $1.8 billion https://t.co/NbgJpyozxf
— TIME (@TIME) November 27, 2017
It appears, Time did not include their debt which was also purchased to bring the transaction to about 3B. The Koch Brothers invested $630,000 million toward the all-cash transaction and “Meredith said that Koch Equity Development would not have a seat on Meredith’s board of directors and would “have no influence on Meredith’s editorial or managerial operations.” Although the Koch Brothers have been champions of the conservative cause, there are still those who simply think of them as neo-cons. Time will tell!
It is amusing that hours after President Trump denied Time Magazine a photo shoot for “Person of the Year” or “Man of the Year” that they were sold! Karma! Please click HERE to see Twitter’s response to President Trump when he said “NO” to Time. It can be said that Time waits for no-one now!
If you believe Time Magazine is in better hands now and America is too because of this conservative buy-out, leave a comment below.
(Feature photo credit CNN and Time Magazine, Dagger News Compilation)
Thank you Meredith Corporation! Please enjoy this original version of The Rolling Stones classic: “Time is on my side”