American media group Meredith has just acquired Time Inc magazine in an all-cash transaction worth $ 1.84 billion.
In a press release Sunday evening (November 26), Meredith said the company agreed to pay $ 18.50 a share to Time and the total payable amount was $ 1.84 billion. If the company debt is included, the transaction will be worth $ 2.8 billion.
The deal was a win for Meredith, thanks in large part to an investment of $ 650 million from Charles G. and David H. Koch, two billionaire political conservative brothers.
“We believe this acquisition represents a growth and financial boost opportunity for Meredith Corp,” said Stephen Lacy, CEO of Meredith.
Since splitting into a separate company from Time Warner Inc. In 2014, Time struggled to survive in the context of print warning gradually being dominated by electronic media.
Page Ho / NPR
* Source: Partner