If the deal goes through, it would finally mark success for Meredith in its third run at acquiring Time. Of that sum, the conservative activists Charles and David Koch will contribute $650 million via their private-equity firm Koch Equity Development, putting an iconic magazine company in the hands of some of the country's biggest Republican donors. On Friday, Time shares closed at $16.90. As far as the brothers themselves, Slusark said, "no one from Meredith has ever met with, spoken to or communicated with the Koch brothers in any fashion".
The boards of both companies have approved the transaction, which is due to be finalized in the first semester of 2018, Meredith said in a statement.
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"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 chairman and CEO Stephen M. Lacy said in a statement.
"I am proud of our accomplishments", Battista said in a statement of the company, which was founded 95 years ago this week in NY.
Lombardo said the company is constantly evaluating investment opportunities. "This just happened to be one that made sense". Essentially this is a three-year loan. The bid by Meredith, which publishes Better Homes and Gardens and Martha Stewart Living, among others, is reportedly backed by the billionaire Koch brothers.
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Meredith said the first two years after the acquisition are expected to generate cost synergies of $400 million to $500 million, which is probably not reassuring to Time Inc. employees considering its multiple layoff rounds this year.
"Clearly, the editorial functions, the creative activities, are always sacred because that's where you generate the 25% of the revenue, from circulation, which we count on in good times and in bad", Lacy said. "And unlike some of the newer digital players, we get paid for our content, which is what I like".
On Sunday night Meredith Corp. concluded a sale agreement for an all-cash purchase of Time Inc. for almost $3 billion, backed by a $650 million infusion by billionaire brothers Charles G. and David H. Koch.
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Time, which also publishes Fortune and Sports Illustrated, began looking for a buyer late past year before giving up several months later, while welcoming options.