View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. Publishers
  2. Magazines
November 27, 2017

Time Inc – publisher of UK magazine titles including NME, Marie Claire and Now – sold to US media company in $2.8bn deal

By Freddy Mayhew

Time Inc –  publisher of Marie Claire, NME and Now magazines in the UK –  is being bought out by US media company Meredith Corp for $2.8bn

The purchased is being backed by US billionaire brothers Charles and David Koch, who are providing £650m to cover the costs of the transaction and refinance debt.

But, they won’t have a seat on the board and “will have no influence on Meredith’s editorial or managerial operations” according to a spokesperson.

The deal was passed unanimously by the board of directors and is expected to close in the first quarter of next year, with Time president and chief executive Rich Battista to step down once it is completed.

Said Battista: “I am proud of our accomplishments and thank the talented teams across the company for their extraordinary work, relentless commitment, and passion.

“Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector.

“Time Inc now engages over 230m consumers across digital and print every month through a portfolio of premium, iconic brands that are well positioned to continue to be powerful voices in media for many years to come.”

Content from our partners
Five ways to fail in media job interviews
How Germany's Ippen.Media mastered content planning across 86 newsrooms
Free journalism awards for journalists under 30: Deadline today

Meredith, which has a portfolio of lifestyle magazines and local broadcasters – although none in the UK – is understood to have made an earlier attempt to buy Time in 2013.

With the Time brands, Meredith’s readership will rise to 135m with a paid-for circulation of nearly 60m, it has claimed.

The US company said the deal would also expand its reach with “internet-savvy millennials”, creating a digital media business with 170m monthly unique visitors in the US.

Meredith chairman and chief executive Stephen Lacy said: “We are creating a premier media company serving nearly 200m American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth.”

Full list of Time Inc’s UK magazine brands.

Topics in this article :

Email to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network