Rothschild's Koch Connection Pays Off in Pursuit of Time Inc
Nov 28, 2017, 00:49
The acquisition also gives the billionaire Koch brothers, who agreed to support Meredith's offer with an equity injection of US$650 million, a foothold in the struggling magazine industry. According to Meredith, KED will not have a seat on its board, and will have "no influence on Meredith's editorial or managerial operations".
"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 CEO Stephen Lacy in a statement.
Meredith made an unsuccessful bid for Time in 2013.
"We are adding the rich content-creation capabilities of some of the media industry's strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults".
Though Time was reported in October to be considering cost-cutting moves, including reducing publication schedules for some of its titles, it still has clout. Earlier this year, Rothschild worked with the Kochs on their $2 billion investment in cloud software company Infor, and last year assisted them on buying a $230 million stake in Transaction Network Services, statements show. The publishing giant has a portfolio of 17 television stations in 12 markets, which reach an estimated 11% of US households TVs. Time Inc.is best known for publishing its eponymous news weekly, but its other titles include Fortune, Entertainment Weekly, People, Sports Illustrated and InStyle. Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc. The companies expect the transaction to close in the first quarter of 2018, with the merged entity expected to yield $400 million-$500 million in cost synergies in the first two years.
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