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TIME

Time Inc.

$18.55

0.05 (0.27%)

06:33
01/04/18
01/04
06:33
01/04/18
06:33

Time Inc. sells Essence to Essence Ventures, terms not disclosed

Essence Ventures, an independent African-American owned company focused on merging content, community and commerce, announced its acquisition of multi-platform media company Essence Communications from Time Inc. ESSENCE President Michelle Ebanks will continue at the helm of the company and will also join its board of directors. In addition, the all Black female executive team of ESSENCE, including Ebanks, will have an equity stake in the business.Through the Essence Ventures' investment and resulting incremental growth opportunities, ESSENCE will focus on expanding its digital businesses via distribution partnerships, compelling original content and targeted client-first strategies. In addition, the brand will expand its international growth by planting its rich content ecosystem, including the flagship magazine, digital properties and successful live event franchises, in more global markets with women who have shared interests and aspirations.Terms of the transaction were not disclosed.

  • 08

    Jan

TIME Time Inc.
$18.55

0.05 (0.27%)

11/27/17
WELS
11/27/17
NO CHANGE
WELS
Meredith, Time Inc. combination should yield cost synergies, says Wells Fargo
Wells Fargo analyst Eric Katz notes that Meredith (MDP) and Time Inc. (TIME) finally came to terms on a deal, with the former acquiring the latter for $18.50/share in cash. The analyst believes the combination should yield substantial cost synergies.
11/27/17
WELS
11/27/17
UPGRADE
WELS
Outperform
Wells Fargo upgrades Meredith with Street-high target after Time deal
Wells Fargo Securities analyst Eric Katz upgraded Meredith (MDP) to Outperform from Market Perform and raised his price target for the shares to $76 from $54. The media company in midday trading is up 9%, or $5.75, to $6.75. The analyst sees the Time Inc. (TIME) acquisition yielding "substantial" cost synergies that will fall to EBITDA. His new price target is the high among sell-side analysts, according to data compiled by Bloomberg.
11/28/17
JEFF
11/28/17
UPGRADE
Target $80
JEFF
Buy
Meredith upgraded to Buy from Hold at Jefferies
Jefferies analyst John Janedis upgraded Meredith (MDP) to Buy and raised his price target for the shares to $80 from $56. The analyst believes the acquisition of Time Inc. (TIME) is highly accretive and creates "compelling" value. He believes the market, over time, will give Meredith credit for an improved long-term trajectory.
11/28/17
GABE
11/28/17
DOWNGRADE
GABE
Sell
Time Inc. downgraded to Sell from Hold at Gabelli
Gabelli downgraded Time Inc (TIME) to Sell following the acquisition by Meredith (MDP) for $18.50 per share in cash. Analyst Barry Lucas does not expect any other bidders or strategic buyers to emerge.

TODAY'S FREE FLY STORIES

PEP

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CFBK

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TAHO

Tahoe Resources

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BE

Bloom Energy

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CRK

Comstock Resources

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IBP

Installed Building Products

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LCI

Lannett

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CATM

Cardtronics

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0.08 (0.22%)

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ATV

Acorn International

$22.00

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AMRX

Amneal Pharmaceuticals

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CMCM

Cheetah Mobile

$10.85

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  • 20

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PCG

PG&E

$45.05

-0.195 (-0.43%)

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Edison International

$69.44

-0.42 (-0.60%)

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EIX

Edison International

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  • 25

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IMTE

Integrated Media Technology

$12.20

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MSFT

Microsoft

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TSLA

Tesla

$302.49

-2.84 (-0.93%)

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TSLA

Tesla

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PX

Praxair

$157.81

1.86 (1.19%)

, LNEGY

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LNEGY

Linde

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SPY

SPDR S&P 500 ETF Trust

$285.40

0.38 (0.13%)

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XLU

Utilities SPDR

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IMNP

Immune Pharmaceuticals

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