Another tech will end a billion dollar bill. Meredith Corporation, who received Time Inc. in January, today announced that it has agreed to sell its months magazine sales force co-founder Mark Becevev and his wife Lynne Benioff in $ 190 million cash.
Medical said in March that it plans to sell time, sports aggregate, fortune and mini as its aim to save $ 500 million from $ 400 million in the next two years and its rest of the portfolio Increase profits. In today’s announcement, the company said that earnings will be used to pay income from selling time magazine sales and it is expected to reduce its debt by $ 1 billion in the financial year 2019.
The acquisition of Medical Time Time Inc. was controversial because it was funded by coach equity development, Charles and David coach, known as a private equity fund, were known to support conservative reasons.
Benevphas, who are supporters of developing politics in the second part of the spectrum, are buying time as magazine magazines. In other words, Salesforce.com, where Benioff as chairman and co-cEO, and other companies are not included with this agreement. Talking to Wall Street Journal, Mark Bevevev said that he and his wife will not be involved in the daily operation or editorial decision of Times Magazine, and he added, “We invest in a company with great impact in the world.” Whoever is an incredibly strong business. When we invest as a family, we want the same. ”
Other tech billion dollars that have bought major publications include Amazon CEO Jeff Beware, who had bought Washington Post five years back in personal capacity, and Lennon Paul’s job, which won the majority of the majority in Atlantic last year, The philosophy organization, Amson Jackson, received. (Jack was a driving force behind the Alibaba Group acquisition of South China Marking Post in May 2016, while it was made by the acquisition company, no.)
Despite being one of the most famous and famous news brands in America, Times Magazine (such as other print publications) has struggled to cope with falling rotation and income as it invests on digital features.
“We’ve done a lot to change this brand in the last few years, so that it’s more than a weekly magazine” in an interview with Wall Street Journal, editor of Edward Felixville magazine. Furthermore, its business is “completely profitable”.