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Time Inc., the publisher of Time, Sports Illustrated, Fortune, People, Entertainment Weekly, etc., will be bought for $1.84 billion by Meredith Corporation ($2.8 billion including debt):
U.S. media company Meredith Corp said on Sunday it will buy Time Inc, the publisher of People, Sports Illustrated and Fortune magazines, in a $1.84 billion (1.38 billion pounds) all-cash deal backed by conservative billionaire brothers Charles and David Koch. The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in 2013.
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. Analysts have said that bulking up on publishing assets could give Meredith the scale required to spin off its broadcasting arm into a standalone company. When combined, the Meredith and Time brands will have a readership of 135 million people and paid circulation of nearly 60 million. The deal also will expand Meredith's reach with internet-savvy millennials, creating a digital media business with 170 million monthly unique visitors in the United States and more than 10 billion annual video views.
Did we mention the Koch brothers, aka Koch Koch and Luigi Koch?
(Score: 1) by khallow on Tuesday November 28 2017, @04:05AM
I wonder if anyone has determined how effective either of these are? They must be getting something back from their efforts, if only some feelgood or virtue signalling. But I just don't see the huge impact these billionaires are supposed to have. The Black Lives Matter and Antifa things, for example, seems to be going on the same trajectory as Occupy Wall Street did. The Koch brothers have apparently created a number of astroturf organizations that didn't go anywhere at all. Not seeing much from either to be honest that survives an election cycle.