Media News - Thursday, February 14, 2013
Meredith Corp. courts Time Inc. in presumed $2.4 billion deal
Time Warner Inc. is considering selling most of Time Inc., including People Magazine, which is thought to be the highest-revenue magazine in the world. Time Inc.’s Fortune announced the news Wednesdaywith the clarification that Fortune, Time and Sports Illustrated would not be part of the deal. Meredith Corp., a Des Moines, Iowa-based media conglomerate geared toward women’s interests, is said to be the prospective buyer. Fortune reported that under the tentative plan, Meredith’s current magazine holdings, including Better Homes and Gardens, Ladies’ Home Journal and Family Circle, would merge with Time Inc.’s magazines to create a new company. Neither executives from Time Warner nor Meredith have spoken publicly about the deal, and Fortune noted that it could dissipate, as it is “still in a formative stage.” John Janedis, UBS analyst estimated the sale would be between $2.4 billion and $2.9 billion, according to The Wall Street Journal. (Editors Weblog)
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