Time Inc. sold to Meredith Corp. for $1.8 billion

Posted at 8:21 PM, Nov 26, 2017
and last updated 2017-11-26 21:04:23-05

Two big, competing magazine companies are joining forces.

Meredith Corp. has purchased Time Inc. for $1.8 billion, the Associated Press reported Sunday.

Time Inc. owns Time, People magazine, Sports Illustrated, Entertainment Weekly and Fortune; Meredith has Better Homes & Gardens, Family Circle, Shape and allrecipes, the AP said.

The deal will close early next year.

The two companies had $4.8 billion together in revenue last year, AP reports.