The US$18.50-a-share offer is an all-cash one, Meredith said in a statement on Sunday. As reported earlier this month by the New York Times, the deal, which is slated to close in the first quarter of next year, includes equity financing from the billionaire Koch brothers, who are known for supporting conservative policy. It also brings together two companies that have long courted different audiences, seeking readerships that echoed the places they called home.
Meredith has attempted to purchase Time before in 2013, but that was unsuccessful.
Meredith Corp., a magazine publisher and broadcast company, will acquire Time Inc.in a deal totaling $2.8 billion, the company announced in a statement Sunday. Meredith said that Koch Equity Development, the investment arm of Koch Industries, will contribute $650 million in equity to help finance the deal.
The Kochs - who made their fortune in Koch Industries which invests in a number of manufacturing companies - run a massive political operation that includes funding for a number of libertarian and conservative thinks-tanks and grassroots organizers, such as Citizens for a Sound Economy Citizens for a Sound Economy, Americans for Prosperity, and the Cato Institute. "KED's non-controlling, preferred equity investment underscores a strong belief in Meredith's strength as a business operator, its strategies, and its ability to unlock significant value from the Time Inc. acquisition".
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After the successful start of the business magazine Fortune in 1930, Luce added Life magazine to Time Inc.'s growing stable and transformed it into a wide-ranging general interest magazine that made use of glorious photography to capture movie stars, world leaders and exotic, far-flung places.
Even their operating styles are poles apart, with Time being a hardcore NYC brand and Meredith eschewing the Big Apple for the calmer climes of Des Moines, Iowa.
"The transaction is valued at $2.8 billion and that includes refinancing almost $900 million of Time Inc.'s net debt", Ceryanec said.