Des Moines-based Meredith Corporation is completing the deal the buy magazine publisher Time Inc. The purchase vaults Meredith to near the top of national media companies.
Meredith announced it planned to purchase the publisher of Time, People, Sports Illustrated and other magazines last November in a deal valued at $2.8 billion. Meredith Chair and CEO Steve Lacy says the deal makes his company a leader in entertainment, food, lifestyle, news and sports.
“We are without a doubt the No. 1 magazine operator reaching 115 million women each month and the owner of five of the industry’s top brands,” Lacy says.
Lacy explains 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," he says. "Scale is exceptionally important in today’s evolving media landscape.”
With Time Inc. now in the fold, Lacy says Meredith becomes a top 10 digital media company reaching some 170 million monthly, unique viewers in the U.S.