Media Company Meredith to Acquire Time Inc. for $2.8 billion
U.S. Media Company Meredith Corp is buying Time Inc for $2.8 billion. Time Inc, a 95-year-old U.S. publisher, owns properties including Time, People, Sports Illustrated and Fortune magazines. Meredith will pay $18.50 a share in cash ($1.8 billion) and $3.55 billion in financing from lenders. The financing includes a $350 million undrawn revolving credit facility – in fully committed debt financing from RBC Capital Markets, Credit Suisse, Barclays and Citigroup Global Markets Inc.
“Media Company Meredith to buy Time Inc. for $2.8 billion”
The takeover deal includes financing support ($650 million in preferred equity commitment from Koch Equity Development), owned by one of America’s wealthiest billionaire brothers Charles and David Koch, whose combined net worth is estimated to be just under $100 billion. The transaction is expected to be closed in the 1st quarter 2018. The $18.50 per share price represents a 46% premium over the closing price on November 15, 2017 and 66% premium over the 10-day volume weighted average trading price.
About Time Inc
Time Inc. is a leading multi-platform consumer media company that engages over 230 million consumers globally every month. The Company’s influential brands include PEOPLE, TIME, FORTUNE, SPORTS ILLUSTRATED, INSTYLE, REAL SIMPLE, SOUTHERN LIVING and TRAVEL + LEISURE, as well as approximately 60 diverse international brands. Time Inc. offers marketers a differentiated proposition in the marketplace by combining its powerful brands, trusted content, audience scale, direct relationships with consumers and unique first-party data. The company is home to growing media platforms and extensions, including digital video, OTT, television, licensing, international markets, paid products and services and celebrated live events, such as the TIME 100, FORTUNE Most Powerful Women, PEOPLE’s Sexiest Man Alive, SPORTS ILLUSTRATED’s Sportsperson of the Year, the ESSENCE Festival and the FOOD & WINE Classic in Aspen.
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About Meredith Corporation
Meredith Corporation (NYSE: MDP; www.meredith.com) has been committed to service journalism for 115 years. Today, Meredith uses multiple distribution platforms – including broadcast television, print, digital, mobile and video – to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.
Meredith’s Local Media Group includes 17 television stations reaching more than 11 percent of U.S. households. Meredith’s portfolio is concentrated in large, fast-growing markets, with seven stations in the nation’s Top 25 – including Atlanta, Phoenix, St. Louis and Portland – and 13 in Top 50 markets. Meredith’s stations produce 700 hours of local news and entertainment content each week, and operate leading local digital destinations.
Meredith’s National Media Group reaches 110 million unduplicated women every month, including more than 70 percent of U.S. Millennial women. Meredith is the leader in creating and distributing content across platforms in key consumer interest areas such as food, home, parenting and lifestyle through well-known brands such as Better Homes & Gardens, Allrecipes, Parents and Shape. Meredith also features robust brand licensing activities, including more than 3,000 SKUs of branded products at 5,000 Walmart stores across the U.S. and at walmart.com. Meredith Xcelerated Marketing is an award-winning, strategic and creative agency that provides fully integrated marketing solutions for many of the world’s top brands.
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