Time Magazine to be sold in for $2.8 million

Meredith to buy Time Inc. for $1.85 billion: report

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

The deal gives Meredith, publisher of Better Homes & Gardens, a larger audience at a time when publishers need to get bigger to compete with Facebook and Google in advertising.

Meredith will pay $18.50 per share in the all-cash deal for a company that counts such titles as Time, Sports Illustrated and People in its portfolio, putting the price tag at about $1.85 billion.

Then earlier this month, the New York Times reported that talks were back on after Charles G. and David H. Koch, who own manufacturing conglomerate Koch Industries but are probably better known for their conservative advocacy, agreed to back Meredith's offer with more than $500 million in equity.

Media watchdogs have expressed concern over the potential influence of the Koch brothers on Time Inc. Reuters reports that the deal will be worth $1.84 billion.

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"We think there's tremendous untapped potential", Time CEO Rich Battista told The New York Times about why the company was turning away potential suitors.

"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", said Meredith Corporation Chairman and CEO Stephen M. Lacy in a statement.

"When you combine our strong local television business - which has grown operating profit 15 percent annually over the last five years - with the trusted, premium multiplatform content creation of Meredith and Time Inc., it creates a powerful media company serving consumers and advertisers alike". Like other media companies, Time is focusing on moving from a print focus to a multimedia approach.

Meredith will pay $18.50 per share in cash for Time's almost 100 million outstanding shares. 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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