In recent years the readership for digital over print has led to a decline in magazines, where advertising is less flashy and dominated by tech companies.
Charles Whitaker, dean of the Medill School of Journalism at Northwestern University, said that in buying Time Inc., Meredith was “wildly optimistic that acquiring those brands would create these economies of scale and synergy that would help them stop the Google of the world.” And off Facebook.”
He added: “This continued consolidation is clearly troubling. The more competition and the more companies we have that are creating content, providing jobs and engaging audiences, the better for the industry. “
Meredith significantly reduced itself in the years following its purchase of Time Inc., dropping three major Time Inc. titles that did not correspond to the company’s specialty – magazines about style, fashion, celebrity news and homebuilding.
Time magazine, the flagship, went to Salesforce CEO Marc Benioff and his wife Lynn for $190 million later in 2018. The company also sold Fortune for $150 million. chachawal jiyaravons, a descendant of a prominent Thai family, and Sports Illustrated, for $110 million, to the Authentic Brands Group. (ABG later sold Sports Illustrated to The Maven, which renamed itself Arena Group last month.)
Meredith also sold another property that she owned for Time Inc. The deal had Lee – publisher of Time Inc UK, Women’s Weekly and Wallpaper magazines – to London-based private equity firm Epiris for $167 million. Meredith in June announced The sale of its local media assets, which included 17 television stations in Atlanta, Phoenix and other markets, to Gray Television in a $2.8 billion deal.
If the planned merger goes through, DotDash Meredith will be a top-10 publisher in terms of audience size, according to Internet metrics service comScore, the companies said.