Media firm backed by Koch brothers buys Time magazine

Media firm backed by Koch brothers buys Time magazine

Media firm backed by Koch brothers buys Time magazine

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.

Time Inc. was bought by Meredith Corporation for $2.8 billion.

Meredith has attempted to purchase Time before in 2013, but that was unsuccessful.

Time Inc., the steward of some of the country's most circulated and storied magazine brands, will be sold to the lifestyle-magazine publisher Meredith Corp., the companies announced Sunday.

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Time Inc. owns and publishes over a hundred magazines, including its namesake Time, in addition to other major publications such as People, Sports Illustrated, Entertainment Weekly and Fortune magazines.

"We are creating a premiere media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile and social platforms positioned for growth", Meredith chief executive Stephen Lacy said in a statement announcing the deal. Earlier this year, Rothschild worked with the Kochs on their $2 billion investment in cloud software company Infor, and last year assisted them on buying a $230 million stake in Transaction Network Services, statements show.

"This all-cash transaction, and the immediate, certain value it provides, is in the best interests of the company and its shareholders", Time's Chairman John Fahey said in a statement. Advertising revenue and circulation have been falling as readers move to Internet content.

Shares of Time Inc., not surprisingly, opened up 9.2% at $18.45 per share and hovered around there through morning trading. 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. Time magazine responded on its own account that Trump didn't understand the selection process and several comics offered their own mocking tweets as well.

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