Meredith Corp. agreed to acquire Time Inc. for $2.8 billion including debt, swallowing the once-mighty home of Fortune and Sports Illustrated after the internet age wreaked havoc on even the most prestigious magazine titles.
The $18.50-a-share offer is an all-cash one, Meredith said in a statement Sunday. The deal gives Meredith, publisher of Better Homes & Gardens, a larger audience at a time when publishers need to get bigger to compete with Facebook and Google in advertising.
The acquisition also gives the billionaire Koch brothers, who agreed to support Meredith’s offer with an equity injection of $650 million, a foothold in the struggling magazine industry.
More...
Russian overnight strikes across Kharkiv region killed three people in Chuhuiv and injured at least 15...
The end of the 60 Minutes broadcast as we know it has sickened millions of longtime...:max_bytes(150000):strip_icc():focal(999x0:1001x2)/kristen-welker-meet-the-press-091123-6-6e558db5019447e2908efbb4812ee1e9.jpg)
President Trump abruptly ended his interview with NBC News’s Kristen Welker on Friday, after the two...
