|
Meredith moves to sell Time, Fortune and Sports Illustrated titles
[ARABNEWS] US media company Meredith Corp. has hired advisers to explore a sale of its Time, Fortune, Money and Sports Illustrated magazines following its $1.84 billion acquisition of Time Inc. in January, people familiar with the matter said.The move illustrates how Meredith sees some of Time Inc’s titles that attract primarily male readership as not playing to its core strength in women’s magazines, which include Better Homes & Gardens, Family Circle and Martha Stewart Living. The Des Moines, Iowa-based company has tapped investment banks Citigroup Inc. and Houlihan Lokey Inc. to find potential buyers for the magazines, the sources said this week. There is no certainty that a divestiture will occur, the sources added. While it’s possible that media, telecommunications or technology companies could express an interest in the magazines, a sale to wealthy individuals, such as philanthropists or billionaires, is viewed by Meredith as more likely, according to one of the sources. The sources asked not to be identified because details of the sale process are confidential. Citigroup declined to comment, while Houlihan Lokey did not immediately return a request for comment. “We are in fact exploring a number of additional changes to the (magazine) portfolio, including divestitures of brands and businesses that might perform better under a different owner,” Meredith CEO Steven Lacy told investors at a Deutsche Bank conference earlier this month. Posted by: Fred 2018-03-16 |
| http://www.rantburg.com/poparticle.php?ID=510310 |