Mered­ith sell­ing Time brand to Be­nioffs

Newspapers & Technology Magazine - - Industry News -

Mered­ith an­nounced Sept. 16 that it has agreed to sell the Time me­dia brand to Marc and Lynne Be­nio for $190 mil­lion in cash. e trans­ac­tion was ex­pected to close within 30 days.

The Be­nio s are pur­chas­ing Time per­son­ally and the trans­ac­tion is un­re­lated to Sales­, where Marc Be­nio is chair­man, coCEO and founder. e Be­nio s will not be in­volved in the day-to-day op­er­a­tions or jour­nal­is­tic de­ci­sions, which will con­tinue to be led by Time’s cur­rent ex­ec­u­tive lead­er­ship team, ac­cord­ing to Des Moines­based Mered­ith.

Time is a multimedia brand that reaches a com­bined au­di­ence of more than 100 mil­lion read­ers in print and on­line, in­clud­ing over 50 mil­lion dig­i­tal vis­i­tors and 40 mil­lion so­cial fol­low­ers each month, ac­cord­ing to Mered­ith.

“We’re pleased to have found such pas­sion­ate buy­ers in Marc and Lynne Be­nio for the Time brand,” said Mered­ith CEO Tom Harty.

Mered­ith ac­quired Time as part of its pur­chase of Time Inc., which closed on Jan­uary 31, 2018. Shortly there­after, Mered­ith an­nounced it was sell­ing Time Inc.’s news and sports brands: Time, Sports Il­lus­trated, For­tune and Money. Mered­ith ex­pects to an­nounce agree­ments for the re­main­ing as­set sales in the near fu­ture.

As part of the trans­ac­tion, Mered­ith will pro­vide short-term busi­ness con­ti­nu­ity ser­vices and has en­tered into a multi-year agree­ment with the Be­nio s to pro­vide ser­vices such as con­sumer mar­ket­ing, sub­scrip­tion ful­fil­ment, pa­per pur­chas­ing and print­ing. Mered­ith will also be able to in­clude the Time brand in large cor­po­rate ad­ver­tis­ing buys.

Mered­ith plans to use pro­ceeds from the trans­ac­tion to pay down debt.

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