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, Fortune, People 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 commentTime Magazine
Culture-leading publisher Highsnobiety continues to evolve its local operations with the appointment of Citizens of Culture as its strategic partner across media operations within Australia. Highsnobiety is a premium global brand dedicated to cultural pioneers, with work spanning across digital platforms, print media, documentaries, cutting edge events, a shopping platform and a full service creative […]
An investigation by British broadcaster ITV has found that Amazon is destroying millions of items in unsold or returned stock. The report specifically focuses on one of the 24 warehouses the company has in the UK. According to ITV News, the destroyed items are largely unused and new, either returned items or those which never […]
Australian fashion brand Witchery has partnered with B Corp GlamCorner as part of GlamCorner’s subscription box offering as the demand for everyday essentials soars. This partnership marks another milestone for the Australian fashion industry towards becoming more circular and introducing more paths to reduce textile waste. Customers nationally will be able to rent more of […]
The media, marketing and creative industries are being encouraged to host their own ‘Curry Club for COVID’ before 30th June to help meet the ambitious $100k target set by its organisers. Curry Club for COVID, which was conceived by long-time adtech executive Peter Bray, sales director at Impact, and is powered by industry social purpose organisation […]
The UnLtd Cup is returning for its tenth consecutive year, marking a decade of soccer shenanigans that’s raised nearly $500,000 for children’s mental health charity, KidsXpress. On July 22-23rd, 28 teams from across the industry will battle it out on the soccer field in the two-day tournament at Sydney University Sports and Fitness Centre, Darlington. […]
Australian-bred company Ultra Commerce has acquired New Zealand-based company Vesta eCommerce, a global software business providing leading product data management solutions. The recent acquisition is a significant move for the business, which is Australian born, owned, and headquartered, but has built out a global presence as it pursues rapid growth in the eCommerce market. Connecting […]
Canteen’s latest campaign features the combined talents of Director Luna Laure and creative agency Crater. The campaign strives to raise awareness for young people affected by cancer. The awareness campaign centres around Harry Barentson, who at 12 years of age found out his pregnant mum had cancer. The campaign aims to bring awareness to Canteen’s […]