"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. The company attempted to buy Time earlier this year as well as four years ago.
Meredith Corp., a magazine publisher and broadcast company, will acquire Time Inc.in a deal totaling $2.8 billion, the company announced in a statement Sunday.
As it turns out, the Koch brothers are contributing more than that.
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It is clear that Time's numbers have been continually declining in the past few years, as the media group has missed their financial goals in six straight quarters. Of that sum, the conservative activists Charles and David Koch will contribute $650 million via their private-equity firm Koch Equity Development, putting an iconic magazine company in the hands of some of the country's biggest Republican donors.
Meredith executives said that no one affiliated with the Kochs will have a seat on the company's board and that there will be "no influence" exerted by the billionaire brothers on the magazines' editorial content. "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". It will give news, business and sports brands to the Des Moines, Iowa-based publisher and broadcaster, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle.
Meredith also anticipates savings of $400 million to $500 million in the first full two years of operation thanks to synergies. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%.
Meredith's portfolio includes 17 local television stations in 12 USA markets, as well as publications such as Better Homes & Gardens, Allrecipes, Parents and Shape.
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Embrace Small Business Saturday
With Black Friday in the rear view mirror, mom and pop shops around the country are getting ready for Small Business Saturday . Almost 30 small businesses in Georgetown have signed up to participate Saturday , offering discounts and freebies to shoppers.
3 killed, 9 injured in train derailment in Uttar Pradesh
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Best Nintendo Black Friday deals
So if you're after a nice PS4, a Xbox One or some of the year's top games, here are the beast deals on Black Friday . The best you can manage is the console alone for £270 or a bundle with Mario + Rabbids Kingdom Battle for £290.