Meredith Corp. Buys Time Inc. In Koch-Backed Deal

Meredith Corp., owner of Better Homes & Gardens and Family Circle, 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.

The Iowa-based publisher, Meredith has agreed to pay $18.50 a share for Time —the New York publisher of People, Fortune and Sports Illustrated, which Meredith announced in a press release Sunday night.

"We believe this acquisition represents a transformative and financially compelling growth opportunity for Meredith Corporation," said Meredith CEO Stephen Lacy.

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

https://www.npr.org/sections/thetwo-way/2017/11/27/566650048/meredith-corp-buys-time-inc-in-koch-backed-deal?
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