Its founder, Edwin Thomas Meredith, entered the media business in 1902 with a magazine called Successful Farming. For Meredith, a hardy company with a loyal print readership, the acquisition of Time Inc. represents a long-elusive victory. “This is a transformative transaction for Meredith Corporation,” Tom Harty, Meredith’s president and chief operating officer, said in the company’s statement announcing the agreement. Charles Koch, the chief executive of Koch Industries, and David Koch have long sought to shape political discourse through their support of nonprofit organizations, universities and think tanks. Meredith, Mr. Battista added, “presented us with an opportunity to combine companies to create even greater scale and financial flexibility.”Under the terms of the deal, Meredith will pay $18.50 a share for Time Inc.

Source: New York Times November 26, 2017 21:00 UTC