Meredith Corp. acquires Time Inc. in $2.8 billion Koch-backed deal

Meredith Corp. acquires Time Inc. in $2.8 billion Koch-backed deal

The US$18.50-a-share offer is an all-cash one, Meredith said in a statement on Sunday. Reuters reports that the deal will be worth $1.84 billion.

"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. Meredith approached Time again earlier this year, but those discussions also stalled when Meredith reportedly failed to secure enough bank financing for the acquisition.

Rothschild & Co.'s renewed push in the U.S.is getting a boost from the Koch brothers.

$650 million of the Meredith Corporation's $3 billion purchase came from the Koch Brother's private equity.

Meredith Corp. acquires Time Inc. in $2.8 billion Koch-backed deal

The brothers, who have never owned a media company, "would not have any operational control over the company", sources told The Times, but others warned that they would use the outlets to "promote their brand of conservatism". The siblings fund a non-profit advocacy group called Americans for Prosperity to back conservative candidates and positions and though the Koch brothers were critical of President Donald Trump's campaign tactics, they have recently become closer with the administration to support its tax reform efforts. This was the third time Meredith attempted to acquire Time since 2013. It also runs 17 local news stations in 12 markets. It is unclear how much influence the Kochs would have on Time, which includes Time magazine, People, Sports Illustrated and Entertainment Weekly among its stable of publications.

"The transaction is valued at $2.8 billion and that includes refinancing almost $900 million of Time Inc.'s net debt", Ceryanec said.

Even their operating styles are poles apart, with Time being a hardcore NYC brand and Meredith eschewing the Big Apple for the calmer climes of Des Moines, Iowa.

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