U.S. media group Meredith Corporation has reached a deal to acquire Time Inc., the publisher of Time, Sports Illustrated, People, and Fortune magazines, the company announced on late Sunday. The deal is valued at $2.8 billion.
Under the terms of the agreement, Meredith will commence a tender offer to acquire all the issued and outstanding shares of Time Inc. common stock for $18.50 per share in cash.
“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,” Meredith Chairman and CEO Stephen M. Lacy said in a statement.
Combined, Meredith’s brands will have a readership of 135 million and paid circulation of nearly 60 million across topics such as celebrities, food, lifestyle, news and sports, parenting.
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