Helping to finance the purchase are billionaire brothers Charles and David Koch who are also known for their involvement in conservative politics and the Republican Party. Meredith will pay $18.50 per share of the publicly traded Time Inc. Meredith said they will have no influence in the combined company.
It is clear that Time's numbers have been continually declining in the past few years, as the media group has missed their financial goals in six straight quarters.
Despite the deal being backed by Koch Equity Development, the Koch family won't a have a board seat or otherwise influence the company's operation - meaning they won't have any managerial or editorial input. "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".
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. It has eschewed an expensive headquarters in Manhattan and maintained a diversified portfolio - the company also owns local television stations - that has allowed Meredith to better weather the economic storm that has faced print publishers.
Meredith will pay $18.50 per share in cash for Time's almost 100 million outstanding shares.
Once the two companies are merged, Meredith says they will serve almost 200 million consumers, with its digital media business reaching 170 million monthly unique visitors in the U.S. Meredith and Time Inc. made combined revenues of $4.8 billion in 2016, including $2.7 billion in total advertising revenue (with $700 million of that from digital advertising) and adjusted EBITDA of $800 million.
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