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VOL. 41 | NO. 46 | Friday, November 17, 2017
Report: Time Inc. in merger talks with Meredith
NEW YORK (AP) — Time Inc. is considering a sale to fellow publisher Meredith Corp., according to media reports.
The New York Times initially reported that the New York-based publisher of Time and People is involved in a new round of negotiations with Meredith, the publisher of Family Circle and Better Homes and Gardens. Meredith also owns WSMV-TV in Nashville.
The report, based on anonymous sources, also says that billionaire brothers Charles G. and David H. Koch are backing Meredith's offer with more than $500 million in equity. Meredith is based in Des Moines, Iowa.
Time and Meredith both declined comment on the reports.
The reported negotiations come after speculation over a sales process earlier this year. Time had said several parties expressed interest, but no sales process was ever initiated. Time's board then decided the company should continue with its strategic plan, which includes growing its digital revenue and brand extensions. Aside from its namesake magazine, it also owns brands like Sports Illustrated and Fortune.
Time has posted annual losses for two straight years and revenue has been declining.
A deal in 2013 between Time and Meredith collapsed.
In morning trading, Time shares rallied more than 24 percent to $15.70. Meredith shares added 9 percent, to $59.15.