Meredith, Koch Brothers buy Time Inc in $2.8B Deal
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Title : Meredith, Koch Brothers buy Time Inc in $2.8B Deal
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Title : Meredith, Koch Brothers buy Time Inc in $2.8B Deal
link : Meredith, Koch Brothers buy Time Inc in $2.8B Deal
news-today.world | Confirming rumors that had swirled over the past 10 days, on Sunday night Meredith Corp., publisher of Better Homes & Gardens, Martha Stewart Living and Family Circle announced it has agreed to acquire all of Time Inc's outstanding shares for $18.50/share or $1.85BN; including the assumption of Time's debt, the deal is valued at a total of $2.8 billion. Meredith has secured $3.55BN in debt financing from RBC Capital Markets, Credit Suisse, Barclays and Citigroup Global Markets, according to the FT.
More importantly, the acquisition is also backed with a $650 million preferred equity commitment from Koch Equity Development, the private equity firm of Charles and David Koch, giving the conservative billionaires a stake in one of America’s best-known publishers. That said, the Kochs will not have a seat on Merediths board and, the company said, “will have no influence on Meredith’s editorial or managerial operations”.
That remains to be seen, especially if Trump now develops aspirations toward Meredith's Man of the Year award. Needless to say, it is the Koch's takeover of Time that is giving the left nightmares:
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More importantly, the acquisition is also backed with a $650 million preferred equity commitment from Koch Equity Development, the private equity firm of Charles and David Koch, giving the conservative billionaires a stake in one of America’s best-known publishers. That said, the Kochs will not have a seat on Merediths board and, the company said, “will have no influence on Meredith’s editorial or managerial operations”.
That remains to be seen, especially if Trump now develops aspirations toward Meredith's Man of the Year award. Needless to say, it is the Koch's takeover of Time that is giving the left nightmares:
More
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