Time Inc. Sells Itself to Meredith Corp., Backed by Koch Brothers - Sensationalist Headlines

[quote]A long chapter in media history came to an unlikely close on Sunday night with a sale agreement for Time Inc., the publisher of once-prestigious magazine titles including Time, Sports Illustrated and People. The Meredith Corporation — the owner of Family Circle, Better Homes and Gardens and AllRecipes — agreed to purchase Time Inc. in an all-cash transaction valued at nearly $3 billion. The deal was made possible, in part, by an infusion of $650 million from the private equity arm of Charles G. and David H. Koch, the billionaire brothers known for using their wealth and political connections to advance conservative causes. Time Inc. is New York to its core. The company was founded by Henry R. Luce and Briton Hadden, who had worked together in their college days at the Yale Daily News. Together they hatched the idea of a fast-paced weekly that would capture an increasingly hectic and urbanized world. After the successful start of the business magazine Fortune in 1930, Luce added Life magazine to Time Inc.’s growing stable and transformed it into a wide-ranging general interest magazine that made use of glorious photography to capture movie stars, world leaders and exotic, far-flung places. In the middle of the 20th century, Time Inc. even had its own film arm, with “The March of Time” series of news shorts that played in movie theaters before the main feature. Meredith, based in Des Moines, is a Midwestern publisher through and through. Its founder, Edwin Thomas Meredith, entered the media business in 1902 with a magazine called Successful Farming. He soon began the still-thriving Better Homes and Gardens, which has a circulation of more than 7 million. Its popular magazines have long focused on families and women, taking aim more at Middle America. It has eschewed an expensive headquarters in Manhattan and maintained a diversified portfolio — the company also owns local television stations — that has allowed Meredith to better weather the economic storm that has faced print publishers. But as Meredith has stood relatively strong, Time Inc. has stumbled. The company failed to keep pace as the industrywide transformation from print to digital rendered old methods of magazine-making obsolete and publishing companies crumbled under the pressure of declines in print advertising and circulation.[/quote] [url=https://www.nytimes.com/2017/11/26/business/dealbook/time-inc-meredith-corporation-koch-brothers.html]New York Times[/url]

Donald Trump will now be Time Man(person) Of The Year for the rest of history :v:

Apparently the Koch bros are just trying to make some money off the deal, nothing more.[QUOTE]But in its announcement of the deal, Meredith said that the private equity fund, Koch Equity Development, would not have a seat on Meredith’s board of directors and would “have no influence on Meredith’s editorial or managerial operations.” Steve Lombardo, a spokesman for Koch Industries, also said that the Kochs had no plans to take an active role in the expanded company. “This is a passive financial investment made through our equity development arm,” Mr. Lombardo said. The company’s role in the transaction, he said, was similar to that of a bank.[/QUOTE] But I guess we'll just have to see if that's all that's going to happen.

[QUOTE=Stolons;52926549]Apparently the Koch bros are just trying to make some money off the deal, nothing more. But I guess we'll just have to see if that's all that's going to happen.[/QUOTE] it would still be hillarious and deeply disappointing if trump suddenly flips to the kochs just so he can get his name on the cover

I guess the age of keeping corporations from growing too big and breaking them apart periodically is over.

[QUOTE=St33m;52926576]I guess the age of keeping corporations from growing too big and breaking them apart periodically is over.[/QUOTE] corporations bought out the people who would be against it

[QUOTE=Trekintosh;52926545]Donald Trump will now be Time Man(person) Of The Year for the rest of history :v:[/QUOTE] This Summer... Donald Trump is... TIME MAN! Taking America back in time July 17th 2018