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Time Inc. stock price
Time Inc. latest news:
Meredith names new CEO as part of its succession plan
Magazine and broadcasting company Meredith is shuffling its top executives into new roles as it works to integrate its Time Inc.'s portfolio of magazines
BRIEF-Meredith's Acquisition Of Time Inc Receives Antitrust Clearance
* MEREDITH'S ACQUISITION OF TIME INC. RECEIVES ANTITRUST
Time Inc. sells 'Sunset' lifestyle brand to private equity firm
Time Inc. said on Thursday that it's selling its "Sunset" lifestyle brand to Los Angeles-based private equity firm Regent L.P. "Sunset," a monthly print publication, covers travel, food, wine and home and garden as a lifestyle magazine of the American West. The sale of "Sunset" comes after news magazine publisher Meredith Corp. has proposed a $2.8 billion acquisition of Time Inc. The "Time" and "Sports Illustrated" publisher has been struggling to make up for its declining print business. Time has said it plans to target more than $400 million in cost savings as it sells off assets and focuses on its core brands. Shares of Time are up nearly 4% in the year to date, while the S&P 500 index is up more than 18% and the Dow Jones Industrial Average is up more than 21%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Time Inc. Announces Sale of SUNSET Brand to Regent
* SAYS ANNOUNCED THE SALE OF SUNSET TO REGENT L.P., A
EQUITY FIRM LED BY INVESTOR MICHAEL REINSTEIN
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Further company coverage:
Breakingviews: Meredith’s Persistence Pays Off for Time Inc. Shareholders
An acquisition deal is a lucky break for Time Inc.’s shareholders because its go-it-alone strategy looked doomed.
Time Inc.'s bonds rally along with stock after Meredith deal
Bonds issued by Time Inc. rallied Monday, after Meredith Corp. which publishes "Better Homes & Gardens," proposed a deal over the weekend to buy Time in an acquisition valued at $2.8 billion. CreditSights analysts upgraded the bonds to market perform from underperform, but said they would struggle to go to an outright outperform recommendation, given the strong run-up in the bonds since the deal was first mooted. "We continue to see limited opportunity for further price appreciation and would be cautious adding exposure at these levels," analyst Karen Klapper wrote in commentary. Time's most active bonds, the 7.500% notes that mature in October of 2025 were last quoted at 111.162 cents on the dollar to yield 4.484%, or at a yield spread of 306 basis points over comparable Treasurys, according to MarketAxess. That was up about 3 points from Friday. Shares were last up 9%, while the S&P 500 was flat. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Meredith buying Time Inc. for about $1.8 billion
Meredith Corp. says it is buying Time Inc. for about $1.8 billion in a deal that joins two giant magazine companies.
Time Inc. agrees to be sold to rival publisher Meredith
The company founded by Henry Luce said as recently as April that it wasn't planning to sell
Meredith is buying Time Inc. for $1.8 billion
U.S. media conglomerate Meredith is buying Time Inc for an all-cash deal of $1.84 billion dollars.
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