The Wall Street Journal: Meredith bets on magazine industry with $1.85 billion Time purchase [MarketWatch]
Meredith Corporation (MDP)
Last meredith corporation earnings: 2/6 08:00 am
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ir.meredith.com/investors/default.aspx
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Source: MarketWatch
Meredith bets on magazine industry with $1.85 billion Time purchase Meredith Corp., the publisher of Better Homes & Gardens and Allrecipes, has struck a deal to buy magazine publisher Time Inc. for $1.85 billion, a significant bet on the future of the magazine industry as media companies try to find their footing in an increasingly digital world. Des Moines-based Meredith MDP, +1.41% has agreed to pay $18.50 a share in cash for TIME, +2.11% , the fabled New York publisher of Fortune, People and Sports Illustrated, the companies said. The boards of both companies have approved the transaction. That is a 46% premium to Time’s closing price on Nov. 15, before reports of Meredith’s renewed interest in a deal with financial backing from the billionaire Koch brothers. More recently, the stock closed Friday at $16.90. Including the assumption of Time’s debt, the deal is valued at $2.8 billion. The deal caps the end of an era. Time, whose namesake Time magazine hit the newsstands in Mar
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