Washington, DC – November 29, 2017 – Cooley advised Meredith Corporation on its agreement to acquire all outstanding shares of Time in an all-cash transaction valued at $2.8 billion. The transaction is expected to close Q1 2018. Partner Kevin Mills led the Cooley team advising Meredith.
“We are creating a premier media company serving nearly 200 million American consumers across industry-leading digital, television, print, video, mobile and social platforms positioned for growth,” said Stephen M. Lacy, Meredith’s chairman and CEO, in a news release. “We are adding the rich content-creation capabilities of some of the media industry's strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults.”
According to Meredith, the acquisition will create a diversified media and marketing company with calendar 2016 combined revenues of $4.8 billion.
Meredith, a longstanding Cooley client that trades on the NYSE as “MDP,” has been committed to service journalism for 115 years. Today, Meredith uses multiple distribution platforms – including broadcast television, print, digital, mobile and video – to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.
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