Des Moines-based Meredith announces deal to buy Time Inc

Des Moines-based Meredith announces deal to buy Time Inc

USA media company Meredith Corp said on Sunday it will buy Time Inc, the publisher of Sports Illustrated and Fortune magazines, in a $1.84 billion allcash deal backed by conservative billionaire brothers Charles and David Koch.

Meredith Corporation and Time Inc. announced the deal on Sunday and Meredith CFO Joseph Ceryanec discussed some of the details in a conference call with investors this morning.

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.

"We are creating a premier media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth", Meredith chairman and CEO Stephen M. Lacy said in a statement.

Time Inc.is NY to its core.

Time, meanwhile, publishes magazines including Entertainment Weekly, Sports Illustrated and People.

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"Get ready for next year's new Time Magazine feature "Person of the Last & Next Century" Ayn Rand", Boyle tweeted.

Meredith, based in Des Moines, Iowa, is a Midwestern publisher through and through. The Journal reported that Iowa-based Meredith has agreed to pay $18.50 a share in cash - a 46% premium from Time's stock at the time acquisition talks were first reported on November 15.

The US$18.50-a-share offer is an all-cash one, Meredith said in a statement on Sunday.

Its popular magazines have long focused on families and women, taking aim more at Middle America.

Meredith's brands include Better Homes & Gardens, Allrecipes, Parents and Shape. The company failed to keep pace as the industrywide transformation from print to digital rendered old methods of magazine-making obsolete and publishing companies crumbled under the pressure of declines in print advertising and circulation. Bringing Time's brands to Meredith will bolster the company's roster of publications. CEO and President Rich Battista said in a statement.

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