Time Inc. was in Process of Selling Its UK Company When Acquired by Meredith
Meredith Corporation has entered into a binding agreement with Epiris Fund II, advised by Epiris LLP (a UK private equity firm), to sell Time Inc. UK. Formerly owned by Time Inc., Time Inc. UK was acquired by the company on January 31, 2018, as part of its acquisition of Time Inc., which had been in the process of selling Time Inc. UK.
“To summarise, we believe this acquisition represents a transformative and financially compelling growth opportunity for Meredith Corporation and will increase shareholder value over time.
“We are acquiring an impressive portfolio of leading brands and a digital business of scale with tremendous growth potential, complemented by our growing television broadcasting business that produces strong cash flow, fuelled by growing political advertising and retransmission revenues,” said Stephen M. Lacy, Meredith Corporation Chairman and CEO, after the Time Inc. acquisition agreement was made.
Time Inc. UK is one of the UK’s leading media companies, creating quality content that entertains millions of UK consumers every day. With a heritage spanning 165 years, its portfolio encompasses more than 50 well-known brands, including Country Life, What’s on TV, Woman’s Weekly and Wallpaper, and operates across multiple platforms—print, online, mobile, TV and experiences.
The transaction is expected to close by the end of the first quarter of calendar 2018. Meredith is being advised by Barou Advisers and Herbert Smith Freehills LLP.