Des Moines-based media giant Meredith Corporation has completed its purchase of Time Incorporated. The deal was announced in November and is valued at $2.8 billion.
Today is the first day of operation for the combined company. During a conference call, Meredith chairman and CEO Steve Lacy explained some of the thinking that went into the decision to buy the major national magazine publisher.
“In combining these companies, we’ve created a diversified, multi-platform media company with significant scale,” Lacy says. “Scale is exceptionally important in today’s evolving media landscape.” Such magazines as Time, People and Sports Illustrated now join the stable of Meredith publications that include Better Homes and Gardens, Midwest Living and Family Circle. Lacy says the deal makes his company a leader in entertainment, food, lifestyle, news and sports.
“We are without a doubt the number-one U.S. magazine operator reaching 115-million women each and every month and the owner of five of the industry’s top brands,” he says. The combined Meredith brands will now reach some 200-million consumers.
(Thanks to Rob Dillard, Iowa Public Radio)