Meredith seals $1.85B deal for Time Inc

REUTERS

Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc. Meredith said they will have no influence in the combined company.

Prior to the announcement, Meredith had just $28m in cash on hand, according to its latest quarterly report.

Meredith Corp is buying Time Inc for about $1.8bn (£1.35bn), a deal CEO Stephen Lacy called "a transformative and financially compelling growth opportunity" that joins two giant magazine companies. The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in 2013.

As it turns out, the Koch brothers are contributing more than that.

That deal would come at about $2B, and (as reported) be backed by the conservative billionaire Koch brothers coming in with some $600M in financing.

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The Koch brothers have spent decades building a network of wealthy political donors who pledge money to conservative causes and their advocacy groups.

Rothschild also worked with Solera Holdings Inc.in a deal a year ago in which the Koch company provided $800 million of preferred equity.

Meredith brings with it a magazine portfolio that includes Better Homes & Gardens, Family Circle, allrecipes and Shape, while Time Inc. owns properties including Time, Sports Illustrated, People, Fortune and Entertainment Weekly. However, acquiring Time Inc with the help of the Koch brothers will give their media group access to a total readership of over 130 million and a subscription circulation of close to 60 million, per Reuters.

Once the two companies are merged, Meredith says they will serve almost 200 million consumers, with its digital media business reaching 170 million monthly unique visitors in the U.S. Meredith and Time Inc. made combined revenues of $4.8 billion in 2016, including $2.7 billion in total advertising revenue (with $700 million of that from digital advertising) and adjusted EBITDA of $800 million.

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