Struggling US Magazine Publisher Time Inc Sold For $2.4 Billion

U.S. President-elect Donald Trump poses for photographer Nadav Kander for the cover of Time Magazine after being named its person of the year, in a picture provided by the publication in New York December 7, 2016. Time Magazine/Handout via REUTERS

American magazine publisher Time Inc has been sold to rival publisher Meredith Corp for $US1.85 billion ($A2.4 billion).

Time’s stable includes Time magazine, FortunePeople and Sports Illustrated.

Meredith – publisher of Better Homes & Gardens and Allrecipes in the US – has agreed to pay $US18.50 a share for Time, a 46 per cent premium to Time’s closing price on November 15. It’s a the third time Meredith has tried to acquire the publisher, having failed to finalise its finances the previous two times.

New owners Meredith now claims, with the addition of the Times’ titles, it will be able to reach an audience of over 200 million people globally across its print and digital properties and give it access to nearly $US700 million in digital advertising revenue.

Meredith’s CEO Stephen Lacy said of the acquisition: “The vision is the absolute premiere media company in the country with premium branded content on every platform. We’re very excited to bring these businesses together.

“This is also a digital play for Meredith, one that transforms the company into a top 10 digital media company in the US,” Lacy said.

 




Please login with linkedin to comment

Time Magazine

Latest News

The Mars Agency Announces Latest Findings Of Retail Media Report Card
  • Advertising

The Mars Agency Announces Latest Findings Of Retail Media Report Card

The Mars Agency has developed a scorecard that assesses the capabilities of leading platforms across key criteria required to optimally plan, execute, and measure effective retail media programs. The scorecard aims To help brands efficiently evaluate their spending options across retail media networks in Australia (and New Zealand). With spending on retail media advertising in […]

TV Ratings (27/03/2024): Jungle Members At War Over Concealed Lipstick
  • TV Ratings

TV Ratings (27/03/2024): Jungle Members At War Over Concealed Lipstick

A heated argument between two jungle members did the numbers for Ten last night, with I’m A Celeb obtaining a total national reach of 1,282,000. Fans were delighted as Candice Warner and influencer Skye Wheatley got into it over a stick of lipstick, leading Warner to dub the Instagram star “selfish.” Wheatley, best known for […]