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Meredith buying Time Inc. for about $1.8 billion
Entertainment
Published in 28-11-2017
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NEW YORK - Magazine and broadcasting company Meredith is buying magazine publisher Time Inc. for $1.8 billion, with help from the billionaire Koch brothers, to bulk up on readers as the publishing industry navigates the difficult transition to digital from print. Iowa-based Meredith Corp. owns 17 TV stations that reach 12 million U.S. households. Its women- and lifestyle-focused magazines and websites include Better Homes & Gardens, Family Circle and Allrecipes. Time, based in New York, has publications including Time, Sports Illustrated, People, Fortune and Entertainment Weekly. Including Time's debt, Meredith values the deal at $2.8 billion.
Reference: www.chron.com