One employee, asked Rich Battista, Time Inc.’s chief executive, how much money he would personally gain from the sale. “This is truly a transformative moment for the Meredith Corporation,” Stephen M. Lacy, the chief executive, said during a call with investors on Monday morning. He added that Meredith’s senior management team had never discussed the deal with the Kochs themselves. Advertisement Continue reading the main storyThe sale of Time Inc. underscored how far the publisher has fallen since its days as an arbiter of American culture. With a scattershot business strategy, it now offers insurance for pets and a Sports Illustrated subscription streaming service for Amazon.

Source: New York Times November 28, 2017 01:42 UTC