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28 November 2017, 01:29 | Jermaine Blake
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. As reported earlier this month by the New York Times, the deal, which is slated to close in the first quarter of next year, includes equity financing from the billionaire Koch brothers, who are known for supporting conservative policy.
"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.
$650 million of the Meredith Corporation's $3 billion purchase came from the Koch Brother's private equity. This was the third time Meredith attempted to acquire Time since 2013.
The Koch brothers have spent decades building a network of wealthy political donors who pledge money to conservative causes and their advocacy groups.
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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. "KED's non-controlling, preferred equity investment underscores a strong belief in Meredith's strength as a business operator, its strategies, and its ability to unlock significant value from the Time Inc. acquisition".
Time, meanwhile, publishes magazines including Entertainment Weekly, Sports Illustrated and People.
Meredith also anticipates savings of $400 million to $500 million in the first full two years of operation thanks to synergies. Its most popular magazine, Better Homes & Gardens, has a circulation of 7.7 million, the fourth-highest for a magazine in the United States, according to the Magazine Publishers of America.
The deal is valued at $1.84 billion based on the offering price and number of shares of Time outstanding on September 30.
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