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$MDP said that early termination of the waiting period has been granted under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 applicable to its acquisition of $TIME. As a result, $MDP plans to complete the transaction within the next 30 days. $MDP plans to offer up to $1.4Bil in aggregate of new senior unsecured 8-year notes.
Media firm $MDP announced an extension of its tender offer to purchase all the common shares of $TIME for $18.50 per share. The offer was extended to allow additional time for complying with its conditions. The value of the all-cash transaction is $2.8Bil. The company said the offer will now expire one minute after 11:59 pm on January 25, 2018.
Media firm $TIME said it has agreed to be acquired by $MDP. As per the agreement, Meredith will purchase Time’s outstanding shares for about $2.8Bil through an $18.50/share cash tender offer. The transaction is expected to close in the first quarter of 2018, and is subject to customary closing conditions and regulatory approvals.
$TIME announced the pricing of a private offering of $300MM aggregate principal amount of its 7.50% senior notes due 2025. The offering will close on Oct 11, 2017. Net proceeds will be used to repay about $200MM of the outstanding debts, to repurchase about $50MM aggregate principal amount of its senior notes due 2022, and to pay fees and expenses.
$TIME has launched a private offering of $300MM aggregate principal amount of senior notes. The notes will be the unsecured obligations of Time Inc. Net proceeds from the offering, together with cash on hand, will be used to repay outstanding debts, as well as to pay fees and expenses.
Media firm $TIME has appointed Katie J Stanton to its BoD. Stanton, a former executive of Twitter and health technology service provider Color, has also been appointed to the compensation committee of the BoD. Previously, she worked at the White House, the State Department, Google and Yahoo.
In 1Q17, $TIME's Advertising Revenues fell 8% to $331MM, reflecting a decrease in print and other advertising revenues. Partially offsetting this was a 32% rise in digital advertising revenues, primarily resulting from the Viant acquisition. Circulation Revenues slid 14% to $205MM, while Other Revenues jumped 9% to $100MM.
$TIME, which publishes Time magazine, reported 8% dip in revenue in 1Q17 to $636MM, primarily reflecting declines in print and other advertising revenues and circulation revenues. It posted a wider net loss of $28MM, or $0.29 per share, compared to $10MM, or $0.10 per share in the year-ago period. Excluding items, net loss was $0.18 per share.
$TIME said Mark Ford, EVP & Chief Revenue Officer, to step down and assume the new role of EVP and Senior Strategic Sales Advisor, reporting to CEO Rich Battista. Brad Elders, President of Digital Sales, will succeed Ford as EVP and Chief Revenue Officer. Mark Ellis, President & COO, Sales and Marketing to leave the company effective March 1, 2017.
$TIME said Mark Ford will step down as EVP & Chief Revenue Officer effective Jan. 9, 2017. Mr. Ford will take over as EVP & Senior Strategic Sales Advisor. Brad Elders, President of Digital Sales, will succeed Mr. Ford as EVP & Chief Revenue Officer. Mark Ellis, President & COO, Sales & Marketing has decided to leave $TIME effective March 1, 2017.
$TIME's President and CEO Rich Battista announced that Jen Wong has been named COO of the company, effective immediately. Wong joined the company in Dec. 2015 as President of Digital. In this newly created role, Wong will work closely with Battista on the company's overall strategy and execution.
$TIME announced that it has named Rich Battista as its President and CEO, effective immediately, and said Rich will be joining its BoD. Battista, who had been EVP of the company and President, Brands, succeeds Joe Ripp as CEO. Ripp will continue to lead the BoD as Executive Chairman.