Categories: OLD Media Moves

Meredith hires advisers to explore Fortune, Money sale

U.S. media company Meredith Corp. has hired advisers to explore a sale of Fortune and Money magazines following its $1.84 billion acquisition of Time Inc. in January, reports Jessica Toonkel and Liana B. Baker of Reuters.

Toonkel and Baker report, “It was not clear how much the magazines could be worth. Fortune and Money generated more than $20 million in 12-month earnings before interest, taxes, depreciation and amortization (EBIDTA), while Time generated more than $30 million in 12-month EBITDA, according to one of the people.

“The potential divestitures underscore how Time Inc’s primary attraction for Meredith was building scale in digital advertising. With its roots in traditional publishing, Meredith has been in a fierce competitive online race against internet giants such as Alphabet Inc’s Google and Facebook Inc for consumer eyeballs and advertising dollars.

“The deal with Time Inc expanded Meredith’s reach with internet-savvy millennials, creating a digital media business with 170 million monthly unique visitors in the United States and more than 10 billion annual video views.

“Meredith’s acquisition of Time Inc was aided by a $650 million investment from the private equity arm of Charles and David Koch, the billionaire brothers known for championing conservative political causes.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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