Meredith nears $1.8 billion deal to buy Time Inc.
Iowa-based magazine publisher Meredith Corporation is near a deal to acquire rival Time Inc., according to media reports on Sunday.
The deal, which would create the largest publisher of print magazines at a time of significant media consolidation, would be worth between $1.8 billion and $2 billion, individuals with knowledge of the talks told Reuters.
Des Moines-based Meredith has agreed to pay between $18 and $19 a share in cash for the New York-based publisher of Time, People and Sports Illustrated, insiders told the Wall Street Journal.
Meredith — which attempted to acquire the publisher of Time, People and Sports Illustrated in 2013 and again earlier this year — is backing its bid with $600 million in financing from a division of the privately held Koch Industries.
Reps for Meredith and Time Inc. did not immediately respond to TheWrap’s requests for comment.
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