Rothschild's Koch Connection Pays Off in Pursuit of Time Inc
28 November, 2017, 00:48 | Author: Samuel Sharp
The Journal reported that Iowa-based Meredith has agreed to pay $18.50 a share in cash - a 46% premium from Time's stock at the time acquisition talks were first reported on November 15. It was one of a handful of bidders that made competing offers for Time earlier this year, but the deal was scrapped.
The publisher of Cycling Weekly, Time Inc, is to be purchased by the Meredith Corporation in a $1.8 billion deal that pairs two magazine giants.
The brothers, who have never owned a media company, "would not have any operational control over the company", sources told The Times, but others warned that they would use the outlets to "promote their brand of conservatism".
Though Time was reported in October to be considering cost-cutting moves, including reducing publication schedules for some of its titles, it still has clout.
Rothschild & Co.'s renewed push in the U.S.is getting a boost from the Koch brothers.
The US$18.50-a-share offer is an all-cash one, Meredith said in a statement on Sunday. This was the third time Meredith attempted to acquire Time since 2013. It said it is using $3.55bn in financing commitments from a variety of lenders and a $650mn preferred equity from Koch Equity Development, an investment arm of Koch Industries, to finance the deal and pay down existing debt. The publishing giant has a portfolio of 17 television stations in 12 markets, which reach an estimated 11% of US households TVs. Additionally, Meredith anticipates generating cost synergies of $400 million to $500 million in the first full two years of operation. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%.
Publisher Meredith, which includes Better Homes & Gardens and Shape among its titles, said it will buy Time Inc., once one of the nation's most influential publishing powerhouses after its founding in 1922.
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