Time magazine to be sold for $1.8 Billion in 2018

Meredith Corp. just announced that it is buying Time Inc.the parent company of Time Magazine for about $1.8 billion in a deal CEO Stephen Lacy described as “a transformative and financially compelling growth opportunity” that joins two giant magazine companies.

Meredith brings with it a magazine portfolio that includes Better Homes & Gardens, Family Circle, allrecipes and Shape, while Time Inc. owns properties including Time, Sports Illustrated, People, Fortune and Entertainment Weekly.

The companies said the deal was unanimously approved by their boards of directors and will close early next year. Meredith will pay $18.50 per share in cash for Time’s nearly 100 million outstanding shares. It said it is using $3.55 billion in financing commitments from a variety of lenders and a $650 million preferred equity from Koch Equity Development, an investment arm of Koch Industries, to finance the deal and pay down existing debt. Prior to the announcement, Meredith had just $28 million in cash on hand, according to its latest quarterly report.

Combined, the companies posted $4.8 billion in revenue last year. Meredith expects it will save up to $500 million in costs in the first two years of operation and plans to “aggressively pay down” debt by 2020. Koch Equity Development will not have a seat on the board nor influence editorial operations, the company said.

Time Chairman John Fahey said the sale was in the best interests of the company and its shareholders, noting the price represented a 46 percent premium to the closing price of shares on Nov. 15, the day prior to media reports about the deal.

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President George Weah's One Day National Forum Successfully Attended by 26 Political Parties

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What President Trump and Kim Jong Un Ate

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2 March 2017 / Berenice Mulubah Quincy B On March 3, 2017, Liberian superstar, Quincy L. Borrow aka Quincy B, died from a car accident, on his way from KARAOKE NITE, in Monrovia, Liberia. The artist was pulled out of the damaged vehicle and rush to the JFK hospital. Quincy B did not survived. Few hours before his death, the artist was spotted live on snap chat, singing Karaoke. Quincy B who was the driver of the car, died immediately. Artists CIC , Margas Bimba and Feouls Kaba in the vehicle, as well, they are at the hospital, being treated. CIC broken his legs in the accident. CIC and Quincy B are nominated for the Liberian Entertainment Awards 2017.

C Liberia Clearly

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