Time Magazine Sold For $2.8 Billion

Time Magazine, one of the most reputable and evergreen magazines in the world has been sold to a rival media company, Meredith Corporation for $2.8billion.

The deal is valued at $1.84 billion based on the offering price and the number of shares of Time outstanding on September 30. Meredith said it values the deal at $2.8 billion.

Time’s Chairman John Fahey said in a statement: “This is an all-cash transaction, and the immediate, certain value it provides, is in the best interests of the company and its shareholders.”

On his part, Stephen Lacy said in a statement, the CEO of Meredith said: “We are creating a premier media company serving nearly 200 million American consumers across industry-leading digital, television, print, video, mobile and social platforms positioned for growth.”

It said $650 million in equity came from Koch Equity Development but added KED won’t have a seat on the board of the combined company and won’t take part in editorial decisions. KED is part of Koch Industries, controlled by Charles and David Koch, known for their support of conservative political causes.

Acquiring the legendary magazine business gives Meredith control of dozens of other big titles such as People, Sports Illustrated, Fortune and Entertainment Weekly. Meredith already publishes several top magazines, including Parents, Shape and Better Homes & Gardens.

Time has struggled with declining advertising revenues since it was spun off from Time Warner in 2014.