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Koch Brothers Among New Owners of 'Time Magazine'

28 November, 2017, 01:04 | Author: Paula Vaughn
  • Koch Brothers to Buy Time Magazine

The Journal reported that Iowa-based Meredith has agreed to pay $18.50 a share in cash - a 46% premium from Time's stock at the time acquisition talks were first reported on November 15.

Koch Equity Development, the brothers' investment arm, will not have a seat on Meredith's board or have influence on its editorial or managerial operations, according to the statement. Meredith said they will have no influence in the combined company.

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

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As it turns out, the Koch brothers are contributing more than that. "Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector", Time Inc.

Rothschild also worked with Solera Holdings Inc.in a deal previous year in which the Koch company provided $800 million of preferred equity. This was the third time Meredith attempted to acquire Time since 2013. The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens. It also runs 17 local news stations in 12 markets. On Friday, Time shares closed at $16.90.

The magazines now published by Meredith are not highly circulated, as their current line-up includes niche publications such as Better Homes and Gardens, Every Day with Rachael Ray, and Traditional Home. Bringing Time's brands to Meredith will bolster the company's roster of publications.

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