Time has struggled with declining ad revenues since it was spun off from Time Warner in 2014.
The company, that also publishes People, Sports Illustrated, Entertainment Weekly and Fortune magazines, saw its third quarter revenue slip 9.5% to USD679 million, marking the sixth straight quarter the publisher fell short of analysts’ expectations.
In a deal backed by billionaire brothers Charles and David Koch, it was sold for USD2.8 billion cash yesterday.
Iowa-based publisher and broadcaster, Meredith Corporation, made two previous unsuccessful bids for Time.
Meredith owns print publications Family Circle, Better Homes and Gardens, and US local television stations.
It said the deal would give it nearly USD700 million in digital advertising revenues and reach to millennial customers resulting in a readership base of 135 million and paid circulation of 60 million.
However, Meredith said the Koch brothers won’t be given a seat on the board of Time Inc, and won’t have any managerial or editorial input.
Time magazine’s Person of the Year choice made headlines last week, after US President Donald Trump claimed he was expected to be given the title for a second consecutive year, which the magazine has disputed.
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