On this Cyber Monday, it’s not just Christmas presents that are being sold and purchased. A big media purchase is in the news today and impacts Birmingham. Southern Living’s parent company, Time Inc. has been purchased by Meredith Corporation publisher of Better Homes & Gardens.
Time Inc. publications, including Southern Living, Cooking Light, and Food & Wine, with editorial headquarters in Birmingham, will now be part of a new company called Premier Media. Time also brings the influential brands PEOPLE, TIME, FORTUNE, SPORTS ILLUSTRATED, INSTYLE, REAL SIMPLE, SOUTHERN LIVING and TRAVEL + LEISURE to Meredith in the deal.
Meredith announced that the purchase of Time Inc. for nearly $2.8 billion, is scheduled to be completed within the first quarter of 2018. Time had recently invested in a state of the art food-studio in Birmingham. In June they moved the editorial operations of the publication Food & Wine to Birmingham.
The effect of the purchase on the Birmingham brands is yet to be determined. Sid Evans, Editor of Southern Living, was reached but declined comment.
From the announcement by Time, Inc:
We are creating a premier media company serving nearly 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth,” said Stephen M. Lacy, Meredith Corporation Chairman and CEO.
Premier Media and will serve over 200 million consumers through television, print, video, mobile and social platforms. This purchase by Meredith Corp. is financially backed by the well-known Koch brothers, conservative financiers and business moguls.
This purchase will create a huge portfolio of national media brands, reportedly with the increased potential for growth and enhanced efficiency. The new combined company will continue to publish celebrity, food, lifestyle, finance, news and sports, parenting and home decor content.
According to most national business press, this is a streamlining of two media giants, and should increase profitability and reach.
We think that Meredith Corp., will find Birmingham to be an attractive location for its content development given our large base of underutilized media talent and the ‘livability’ of our beautiful city.