Time Inc., Meredith Shares Rise After Mega-Deal Announced

Meredith seals $1.85B deal for Time Inc. (updated)

"Meredith wanted to buy Time Inc. back in 2012, but didn't want Time magazine", former Time editor Richard Stengel tweeted early Monday.

Thus their investment in Meredith's purchase of Time has stirred up concerns that they intend to call the shots, or at least have their say, on Time Inc.'s coverage, despite Meredith's claims to the contrary.

Among the funds financing the purchase are $650 million from Koch Equity Development, a fund belonging to Charles and David Koch. And now they'll have a stake in an iconic media company - Time Inc.

"We are creating a premier media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth", Meredith chairman and CEO Stephen M. Lacy said in a statement. Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc.

"Their desire to be passive and not require a board seat", along with the financial terms of their investment, "without a doubt made the offer" from the Koch brothers "the most attractive" in terms of financing support available for the merger, Lacy said. CEO Rich Battista said in a statement.

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Lombardo said the company is constantly evaluating investment opportunities. She said investing in financially troubled print media doesn't make any sense as a business decision - only as a means to influence coverage. Like other media companies, Time is focusing on moving from a print focus to a multimedia approach. The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens.

Meredith said the first two years after the acquisition are expected to generate cost synergies of $400 million to $500 million, which is probably not reassuring to Time Inc. employees considering its multiple layoff rounds this year. "And unlike some of the newer digital players, we get paid for our content, which is what I like".

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.

A deal between Meredith and Time Inc fell apart in 2013 after Meredith reportedly said that it did not want to acquire some of Time Inc's bestknown titles, including Time, Fortune and Sports Illustrated.

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