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Meredith, Time jump after deal; Time chief Battista to exit

Nov. 27, 2017 11:59 AM ETGray Television, Inc. (GTN) StockGTNBy: Jason Aycock, SA News Editor1 Comment
  • Meredith (NYSE:MDP) is up 8.2% and Time (TIME) up 9.2% after the two came to a a deal to sell the iconic Time to its publishing rival, with more details emerging this morning.
  • Meredith says the billionaire Koch brothers -- who helped enable the $1.85B bid with $650M in financing from Koch Equity Development -- "will have no influence on Meredith's editorial or managerial operations" and won't have a seat on Meredith's board.
  • When the Kochs were first connected to a possible deal, speculation mounted over whether the two would try to promote conservative politics through the brands.
  • Time CEO/President Rich Battista, brought in just over a year ago, will exit after helping with the transition.

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