11/27/2017

Time Inc. Sells Itself to Meredith Corporation

The sale could be the death knell for the once-prestigious publishing house

A long chapter in media history came to an unlikely close on Sunday night with a sale agreement for Time Inc., the publisher of once-prestigious magazine titles including Time, Sports Illustrated and People.

The Meredith Corporation — the owner of Family Circle, Better Homes and Gardens and AllRecipes — agreed to purchase Time Inc. in an all-cash transaction valued at nearly $3 billion. The deal was made possible, in part, by an infusion of $650 million from the private equity arm of Charles G. and David H. Koch, the billionaire brothers known for using their wealth and political connections to advance conservative causes.

The deal could represent the beginning of the end for one of the country’s most celebrated magazine publishers, whose titles commanded the attention of global leaders and chronicled world events, sometimes with striking photography. It also brings together two companies that have long courted different audiences, seeking readerships that echoed the places they called home.

Please click here to read the complete article from The New York Times.