UPDATE 5-Meredith to buy U.S. publisher Time in Koch-backed deal [Reuters]
Meredith Corporation (MDP)
Last meredith corporation earnings: 2/6 08:00 am
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US:NYSE Investor Relations:
ir.meredith.com/investors/default.aspx
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Source: Reuters
Meredith to buy U.S. publisher Time in Koch-backed deal | Reuters 2 Min Read (Reuters) - U.S. media company Meredith Corp ( MDP.N ) said on Sunday it will buy Time Inc ( TIME.N ), the publisher of Sports Illustrated and Fortune magazines, in a $1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch. The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in 2013. It will give news, business and sports brands to the Des Moines, Iowa-based publisher and broadcaster, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle. Analysts have said that bulking up on publishing assets could give Meredith the scale required to spin off its broadcasting arm into a standalone company. When combined, the Meredith and Time brands will have a readership of 135 million people and paid circulation of nearly 60 million. The deal also will expand Meredith’s reach with internet-savvy millenials, cre
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