Meredith Corporation’s $2.8 Billion Acquisition of Time Inc.

BDT & Company and Moelis & Company are serving as financial advisors to Meredith, and Cooley LLP is serving as legal counsel.

Meredith Corporation (NYSE: MDP; www.meredith.com) announced today that it has entered into a binding agreement to acquire all outstanding shares of Time Inc. (NYSE: TIME; www.timeinc.com) for $18.50 per share in an all-cash transaction valued at $2.8 billion. The transaction has been unanimously approved by the Boards of Directors of Meredith and Time Inc., and is expected to close during the first quarter of calendar 2018.

The transaction will create a diversified media and marketing company with calendar 2016 combined revenues of $4.8 billion – including $2.7 billion of total advertising revenues with nearly $700 million of digital advertising revenues – and adjusted EBITDA of $800 million. Additionally, Meredith anticipates generating cost synergies of $400 million to $500 million in the first full two years of operation.

Cooley advised Meredith with a team including Kevin Mills (Picture), Aaron Binstock, Michael Tollini, Howard Morse and Michael Basile.

Debevoise & Plimpton LLP advised Time Inc. with a team including William D. Regner and Michael A. Diz and includes partners Lawrence K. Cagney, Jeffrey P. Cunard, Peter A. Furci, Gary W. Kubek and Scott B. Selinger; counsel Kyra K. Bromley; and associates Valerie A. Campbell, Joseph M. DiCioccio, Katherine E. Durnan, Simone S. Hicks, Andrew G. Jamieson, Samuel D. Krawiecz, Daniel Priest, Rebecca Quan and Wendy D. Widman.

 

Involved fees earner: Kevin Mills – Cooley LLP; Aaron Binstock – Cooley LLP; Michael Tollini – Cooley LLP; Howard Morse – Cooley LLP; Michael Basile – Cooley LLP; William Regner – Debevoise & Plimpton; Michael Diz – Debevoise & Plimpton; Valerie Campbell – Debevoise & Plimpton; Katherine Durnan – Debevoise & Plimpton; Andrew Jamieson – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Lawrence Cagney – Debevoise & Plimpton; Simone Hicks – Debevoise & Plimpton; Wendy Widman – Debevoise & Plimpton; Jeffrey Cunard – Debevoise & Plimpton; Joseph DiCioccio – Debevoise & Plimpton; Peter Furci – Debevoise & Plimpton; Samuel Krawiecz – Debevoise & Plimpton; Gary Kubek – Debevoise & Plimpton; Kyra Bromley – Debevoise & Plimpton; Scott Selinger – Debevoise & Plimpton; Rebecca Quan – Debevoise & Plimpton;

Law Firms: Cooley LLP; Debevoise & Plimpton;

Clients: Meredith Corporation; Time inc.;

 

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Author: Ambrogio Visconti