Time Magazine to be sold in for $2.8 million

Time Magazine to be sold in for $2.8 million

Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc.

The brothers, who have never owned a media company, "would not have any operational control over the company", sources told The Times, but others warned that they would use the outlets to "promote their brand of conservatism".

Lacy did not indicate how aggressively Meredith will move to reconcile the legacy-driven business of its core brands with the relatively more digital-minded Time Inc. titles or what form the streamlining will take.

However, in an attempt to quell the conflict of interest concerns, Meredith has stated the two libertarian brothers will have zero impact on the editorial decisions of the publications.

"This is a transformative transaction for Meredith Corporation, and follows a fiscal 2017 in which we posted the highest revenues, profit and earnings per share in our 115-year history", said Meredith President and Chief Operating Officer Tom Harty.

USA media company Meredith Corp said on Sunday it will buy Time Inc, the publisher of Sports Illustrated and Fortune magazines, in a $1.84 billion allcash deal backed by conservative billionaire brothers Charles and David Koch.

Among the funds financing the purchase are $650 million from Koch Equity Development, a fund belonging to Charles and David Koch.

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

Publisher Meredith, which includes Better Homes & Gardens and Shape among its titles, said it will buy Time Inc., once one of the nation's most influential publishing powerhouses after its founding in 1922. It also runs 17 local news stations in 12 markets.

The publisher of Time, People and Sports Illustrated agreed Sunday to be sold to another big magazine publisher, Meredith.

Adding Time's debt would raise the total value of the deal to about $2.8 billion.

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