U.S. media giant Time Inc. to be acquired by Meredith Corporation

Updated 2017-11-28 17:02:55 Xinhua

U.S. media corporation Time Inc. is selling itself for nearly 3 billion U.S. dollars to media conglomerate Meredith Corporation.

In a statement released Sunday, Time Inc. said that Meredith will make an 18.50 dollars per share cash offer to acquire all outstanding Time Inc. shares for a total transaction. The value of the all-cash transaction is approximately 2.8 billion dollars, including the assumption of debts and the company assets.

The 18.50 dollar per share price represents a 46 percent premium over the closing price on Nov. 15, the day prior to media reports about the transaction, according to the statement.

Rich Battista, president and CEO of Time Inc., said "Time Inc. now engages over 230 million consumers across digital and print every month through a portfolio of premium, iconic brands that are well positioned to continue to be powerful voices in media for many years to come."

Founded on Nov. 28, 1922, Time Inc. owns and publishes over 100 magazine brands, including its namesake Time, Sports Illustrated, Fortune and People.

In 1990, Time Inc. merged with Warner Communications to form the media company Time Warner. This merger lasted until the company was spun off in 2014, according to media reports.

The transaction is expected to close during the first quarter of 2018.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 17 2017 02:27:50

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 17 2017 02:27:50

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 17 2017 02:27:50

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords