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Meredith to Buy Time Inc., Publisher of People, Sports Illustrated & NME, for $2.8B

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Billboard reports: “Time Inc., one of the most influential magazine publishers in U.S. history, will be sold to Iowa-based Meredith Corporation for $2.8 billion, the companies announced Sunday. Meredith, which publishes a wide array of consumer magazines, will pay $18.50 per share of the publicly traded Time Inc., a substantial premium. In addition to Time magazine, Time Inc. owns and publishes Sports Illustrated, People, Southern Living, Food & Wine, InStyle and Essence, among others, as well as UK subsidiary Time Inc. UK, whose titles include NME and Country Life.”

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