U.S. media company Meredith Corp. has agreed to buy Time Inc. publisher of Time, Fortune, People and Sports Illustrated, Travel + Leisure among many more.
The Iowa-based company and publisher of lifestyle magazines such as Better Homes Gardens and Allrecipes has agreed to pay $18.50 USD a share in cash for the New York publisher. The deal was backed by conservative billionaire brothers Charles and David Koch.
It has been no secret media is a challenged business; Time Inc. has not been able to adapt quickly to the online world despite efforts to push boundaries in digital storytelling. Amidst several rounds of lay offs, low company moral and rumors of an hiring freeze, the acquisition will keep one of American’s best-known magazine publishers alive, however, the move raises concerns over media consolidation. Will Time lose its editorial voice?