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.
The Indianapolis Business Journal is looking for our next news editor, a role that focuses…
Axios has chosen Ben Berkowitz to be its next managing editor of business and markets.…
Business Insider editor in chief Jamie Heller sent out the following on Monday: I'm thrilled…
Rest of World editor in chief Anup Kaphle sent out the following on Monday: We are excited…
The Financial Times has hired Veena Venugopal as its India newsletter editor. She has been working at…
Benjamin Parkin has been named Middle East and Africa news editor at the Financial Times, based…