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BRIEF-Meredith Corp to buy Time Inc in all-cash transaction valued at $2.8 bln
November 26, 2017 / 11:58 PM / 21 days ago

BRIEF-Meredith Corp to buy Time Inc in all-cash transaction valued at $2.8 bln

Nov 26 (Reuters) - Meredith Corp:

* ORATION TO ACQUIRE TIME INC. TO CREATE PREMIER MEDIA AND MARKETING COMPANY SERVING NEARLY 200 MILLION AMERICAN CONSUMERS

* ‍ENTERED AGREEMENT TO BUY ALL OUTSTANDING SHARES OF TIME FOR $18.50 PER SHARE IN AN ALL-CASH TRANSACTION VALUED AT $2.8 BILLION​

* ‍TRANSACTION HAS BEEN UNANIMOUSLY APPROVED BY BOARDS OF DIRECTORS OF MEREDITH AND TIME INC​

* ‍TRANSACTION IS EXPECTED TO CLOSE DURING Q1 OF CALENDAR 2018​

* ‍MEREDITH ANTICIPATES GENERATING COST SYNERGIES OF $400 MILLION TO $500 MILLION IN FIRST FULL TWO YEARS OF OPERATION​

* MEREDITH - ‍MEREDITH HAS SECURED A TOTAL OF $3.55 BILLION - WHICH INCLUDES A $350 MILLION UNDRAWN REVOLVING CREDIT FACILITY - IN FULLY COMMITTED DEBT FINANCING​

* ‍MEREDITH HAS ALSO SECURED $650 MILLION IN PREFERRED EQUITY COMMITMENT FROM KOCH EQUITY DEVELOPMENT​

* ‍FUNDS WILL BE USED TO FINANCE TRANSACTION AND REFINANCE EXISTING DEBT​

* MEREDITH - ‍KOCH EQUITY DEVELOPMENT WILL NOT HAVE A SEAT ON MEREDITH BOARD AND WILL HAVE NO INFLUENCE ON MEREDITH‘S EDITORIAL OR MANAGERIAL OPERATIONS​

* ‍TRANSACTION WILL CREATE A DIVERSIFIED MEDIA AND MARKETING COMPANY WITH CALENDAR 2016 COMBINED REVENUES OF $4.8 BILLION​ Source text for Eikon: Further company coverage:

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