News Worms
News Worms


Cycling Weekly parent bought in $1.8 billion deal combining two publishing giants

Cycling Weekly parent bought in $1.8 billion deal combining two publishing giants

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.

Meredith has been trying to buy Time Inc. since at least 2013, when its first offer was rejected because the two companies could not agree on what magazine titles would be included in the deal.

Time Inc, the publisher of Time Magazine, is selling for $2.8 billion to media conglomerate Meredith Corporation, backed by the billionaire Koch brothers known for supporting conservative causes, in an unlikely ending to a saga over the future of CNN's parent company. Reuters reports that the deal will be worth $1.84 billion.

Time, which also publishes Fortune and Sports Illustrated, began looking for a buyer late a year ago before giving up several months later, while welcoming options. CEO Rich Battista said in a statement. Meredith approached Time again earlier this year, but those discussions also stalled when Meredith reportedly failed to secure enough bank financing for the acquisition.

The transaction will create a company with combined revenues of $4.8 billion for 2016, including $2.7 billion of total advertising revenues with almost $700 million of digital advertising revenues. Meredith expects it will save up to $500m in costs in the first two years of operation and plans to "aggressively pay down" debt by 2020.

The move to merge the companies has pushed the publisher up the ranks, enabling it to now take a place in the top ten digital media companies globally. Time closed Friday at $16.90/share. 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.

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