Markets

Koch Brothers Among New Owners of 'Time Magazine'

Koch Brothers Among New Owners of 'Time Magazine'

Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%. The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens.

The US$18.50-a-share offer is an all-cash one, Meredith said in a statement on Sunday.

"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".

Meredith has attempted to purchase Time before in 2013, but that was unsuccessful.

Meredith which will take over Time magazines Sports Illustated, Time, People and Fortune said the Koches will have no involvement in its operation and won't have a seat on its board. "We are also creating a powerful digital media business with 170 million monthly unique visitors in the USA and over 10 billion annual video views, enhancing Meredith's leadership position in reaching millennials".

Padmavati cleared for release in United Kingdom without cuts but won't be screened
In fact, word is that Viacom 18 Motion Pictures also intends to invite the Prime Minister Narendra Modi to watch the film. The British Board of Film Classification (BBFC) has given the film 12 A rating and the film was passed without any cuts.

"I am proud of our accomplishments and thank the talented teams across the company for their extraordinary work, relentless commitment, and passion".

Media watchdogs have expressed concern over the potential influence of the Koch brothers on Time Inc.

Meredith Corp is buying Time Inc for about $1.8bn (£1.35bn), a deal CEO Stephen Lacy called "a transformative and financially compelling growth opportunity" that joins two giant magazine companies.

The Koch brothers-known for their conservative politics-will hold no editorial or management control over the publications owned by the Meredith Corporation.

Meredith said the first two years after the acquisition are expected to generate cost synergies of $400 million to $500 million, which is probably not reassuring to Time Inc. employees considering its multiple layoff rounds this year.


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