Cycling Weekly parent bought in $1.8 billion deal combining two publishing giants

Meredith Corp. has agreed to a deal to buy Time Inc.in a magazine-industry consolidation valued at $1.85 billion, the Wall Street Journal reported Sunday. It said it is using $3.55bn in financing commitments from a variety of lenders and a $650mn preferred equity from Koch Equity Development, an investment arm of Koch Industries, to finance the deal and pay down existing debt. According to Meredith, KED will not have a seat on its board, and will have "no influence on Meredith's editorial or managerial operations".

"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", said Meredith Corporation Chairman and CEO Stephen M. Lacy. It was one of a handful of bidders that made competing offers for Time earlier this year, but the deal was scrapped. "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".

In May of this year, Time Inc announced plans to sell some magazines or other properties as it tried to push ahead with a digital strategy.

Combined, the companies posted $4.8bn in revenue past year. It also runs 17 local news stations in 12 markets.

Читайте также: 170 firefighters battle fire in 6-story apartment building

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

The move to merge the companies has pushed the publisher up the ranks, enabling it to now take a place in the top ten digital media companies globally. On Friday, Time closed at $16.90 in trading on the New York Stock Exchange.

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.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

(Copyright © 2015. All Rights Reserved.)
 
You Might Also Like
Recommended

Amazon announces one-hour preview sale of OnePlus 5T after strong demand
OnePlus 5T does come with a lower aperture in rear cameras but there doesn't seem to be a major upgrade spec-wise. Change #2: Improved selfies, by adjusting the exposure levels for a more natural outcome.

IT officials raid Jayalalithaa's poes garden residence, Dinakaran calls it 'political vendetta'
Another member of Dhinakaran's rebel faction, VP Kalairanjan, called it a "political vendetta and targeting of one family". About 10 IT officials are said to have entered the channel's office in Ekkatthuthangal around 6 am on November 9.

Bells will be ringing - Friday
For decades, Lundy's Catering has visited the Salvation Army on Thanksgiving to feed people in need. For people hit hard by life, they say they appreciate having a place to go to celebrate.

Rumor: iPhone SE 2 Launch Date Revealed
That said, for me, I don't think I could go back to a non plus-sized phone after using the iPhone 8 Plus for the last six weeks. Incidentally, Apple has already stated that India, like China, is likely to be a large market for its new, cheaper iPhone .

Chicago goes big for Small Business Saturday
But Morken isn't just supporting her own store, within Unglued over 300 local artists and small businesses have their products for sale.

Putin Signs Bill Targeting US Media in Russian Federation
The new document introduces amendments to two federal laws on information and media in Russian Federation . A media outlet will be deemed a foreign agent if it gets money from other countries.

Cyber Monday expected to be largest shopping day in United States history
The entire Black Friday weekend could ring up close to $20 billion in sales across all channels, Adobe projected. "We come Black Friday shopping every year", says Melissa Holdaway.

Woman with anti-Trump sticker on truck posts controversial change
Nehls in his post said that a county prosecutor told him the message could warrant a misdemeanor charge of disorderly conduct. "A distinction in political perspectives does not give Sheriff Nehls the privilege to target nationals".

Galaxy S9 Reveal Reportedly Scheduled For CES 2018
Firstly, the renders are obtained by BGR , and the publication claims that a case maker Ghostek created the renders. A new report from a reputable leakster suggests that Samsung is indeed going to show off the handsets earlier.

United States concerned over release of Hafiz Saeed from house arrest
This week, a three-judge panel ordered his release after rejecting the government's request to keep him in detention. Saeed urged the Pakistan government not to hold peace dialogue with India till it withdraws its army from Kashmir.

Trump says Republican Roy Moore must be elected in Alabama
He has, after all, been accused of sexual assault by over a dozen women and continues to insist that they're all liars. He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear.

Gujarat Election 2017: Hardik Patel To Support Congress
In the first list there are 23 candidates from the Patidar community, including both Congress as well as PAAS nominees. The result of the election will be announced on December 18 along with that of Himachal Pradesh.

Tesla Unveils World's Fastest Production Car In Surprise Announcement
Musk said Tesla will guarantee the big rigs will not break down for a million miles because they have will have multiple motors. The four-seat convertible will also do the quarter mile in 8.9 seconds, which would be another record for a production auto .

Trump Wants Ivanka and Jared Kushner to Return to NY
The resolution reiterated that Israeli settlement was a "flagrant violation" of worldwide law. President-elect Donald Trumps chief strategist, Stephen K.

Massage Envy Mishandled Its Customers and Now Faces 180 Sexual Assault Accusations
She helped draft federal legislation that would require massage spas to report sexual assault allegations to police. There is one Massage Envy location in the Quad Cities metro area, on Elmore Avenue in Davenport.



News
More News