Economy

Time Inc. agrees to be sold to rival publisher Meredith

Time Inc. agrees to be sold to rival publisher Meredith

Time Inc, the publisher of Time Magazine, is selling for $2.8 billion to media conglomerate Meredith Corporation, backed by the billionaire Koch brothers known for supporting conservative causes, in an unlikely ending to a saga over the future of CNN's parent company.

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.

"KED will not have a seat on the Meredith Board and will have no influence on Meredith's editorial or managerial operations". CEO Rich Battista said in a statement.

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Meredith made an unsuccessful bid for Time in 2013. "We are also creating a powerful digital media business with 170 million monthly unique visitors in the USA and over 10 billion annual video views, enhancing Meredith's leadership position in reaching millennials".

Time Inc announced in June past year that it would slim down its cycling portfolio to focus on the flagship title Cycling Weekly.

The transaction will create a company with combined revenues of $4.8 billion for 2016, including $2.7 billion of total advertising revenues with almost $700 million of digital advertising revenues. The publishing giant has a portfolio of 17 television stations in 12 markets, which reach an estimated 11% of USA households TVs.

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Publisher Meredith, which includes Better Homes & Gardens and Shape among its titles, said it will buy Time Inc., once one of the nation's most influential publishing powerhouses after its founding in 1922. Like other media companies, Time is focusing on moving from a print focus to a multimedia approach.

The boards of both companies have approved the transaction, which is due to be finalized in the first semester of 2018, Meredith said in a statement.

Meredith said it will pay $18.50 a share for Time.

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Time Inc. was bought by Meredith Corporation for $2.8 billion.

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