Markets

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

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

It was one of a handful of bidders that made competing offers for Time earlier this year, but the deal was scrapped. It is unclear how much influence the Kochs would have on Time, which includes Time magazine, People, Sports Illustrated and Entertainment Weekly among its stable of publications.

Charles and David Koch are among the new owners of the recently sold Time Inc., the company that owns and publishes over 100 magazine brands, including Time Magazine. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%.

The all-cash transaction includes about $1.7 billion for the company assets plus more than $1 billion in debt.

$650 million of the Meredith Corporation's $3 billion purchase came from the Koch Brother's private equity.

"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 CEO Stephen Lacy in a statement.

Rothschild also worked with Solera Holdings Inc.in a deal past year in which the Koch company provided $800 million of preferred equity.

"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. Advertising revenue and circulation have been falling as readers move to Internet content.

Time Inc announced in June a year ago that it would slim down its cycling portfolio to focus on the flagship title Cycling Weekly. Meredith will pay $18.50 per share of the publicly traded Time Inc.

Media watchdogs have expressed concern over the potential influence of the Koch brothers on Time Inc. 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.


  • Uber Data Breach Sparks Investigations, Lawsuits

    Uber Data Breach Sparks Investigations, Lawsuits

    Downing Street said the hack, which affected 57m customers and drivers worldwide, had not been reported by the taxi-hailing firm. We also implemented security measures to restrict access to and strengthen controls on our cloud-based storage accounts.
    Vijay, Pujara pummel Sri Lanka on day two

    Vijay, Pujara pummel Sri Lanka on day two

    India scored 301 runs on Day Two and lost just one wicket, thus dominating Sri Lanka in the second Test at Nagpur. Their partnership on Saturday is their fourth century stand in a row, and their fifth in their last seven innings.
    Meyer calling for

    Meyer calling for "all-out investigation" after JT Barrett injury

    He finished 3-for-8 passing for 30 yards and a touchdown, with 15 carries for 67 yards and a TD in the 31-20 Ohio State win. Now facing a third-and-13, Haskins delivered a 27-yard pass to wide receiver Austin Mack down the right sideline.
  • Jeff Sessions orders review of gun background check system

    Jeff Sessions orders review of gun background check system

    That's because a buyer looking to purchase multiple firearms in a single purchase only has to submit to one background check. That number is likely higher, because a single buyer can obtain several guns in a single transaction.
    Partridge Family singer David Cassidy dies

    Partridge Family singer David Cassidy dies

    In an attempt to shake-off his squeaky clean image, the singer posed nude in a photo shoot for Rolling Stone magazine in 1972. The Thoroughbred Daily News' Barry Weisbord shared stories of his days with Cassidy in a column published Thursday morning .
    Mourinho hopes Fellaini will stay

    Mourinho hopes Fellaini will stay

    However, judging by Mourinho's tone, for the time being, it does appear that Fellaini will be a Red no more come summer. And one day he will feel he is physically ready.
  • Muscat addresses Eastern Partnership Summit in Brussels

    Muscat addresses Eastern Partnership Summit in Brussels

    The signing of the new EU-Armenia Comprehensive and Enhanced Partnership Agreement is expected to take place in the frames of the ongoing Summit.
    Man charged with killing Texas trooper who had stopped him

    Man charged with killing Texas trooper who had stopped him

    He faced charges of first-degree felony, aggravated assault against a public servant and evading arrest, a third-degree felony. Authorities identified Black as the lone suspect in the death of a Texas DPS trooper who was shot and killed around 3:45 p.m.
    Winnipeg police launch video to help stop gender-based violence

    Winnipeg police launch video to help stop gender-based violence

    The employment rate for women aged 25-64 has increased from about 63 per cent 10 years ago to 72 per cent last year. Prime Minister Justin Trudeau says men must do more to put an end to gender-based violence against women and girls.
  • Trump doubles down on support for alleged child sex predator Roy Moore

    Trump doubles down on support for alleged child sex predator Roy Moore

    And by the way, he totally denies it". "He says it didn't happen". "And you know, you have to listen to him also". In the wake of the allegations, Republican leaders scrambled to find a way to block Mr Moore as a candidate.
    Dem Rep. Pelosi: Accused Conyers Deserves 'Due Process'

    Dem Rep. Pelosi: Accused Conyers Deserves 'Due Process'

    Earlier Sunday, Pelosi defended Conyers as an "icon" for women's rights and told NBC's " Meet the Press " that he will do the "right thing".
    Thanksgiving Latest News, Photos, and Videos

    Thanksgiving Latest News, Photos, and Videos

    Kylie and the gang shared a series of photos and videos on Snapchat documenting their fun night at the youngest Jenner's home. Kim Kardashian is completely bothered by Jennifer Lawrence's friendship with her mother, Kris Jenner , it has been alleged.