11:00, November 27 66 0

2017-11-27 11:00:10
US duo take the lead in Time Inc’s $3bn sale

Cooley and Debevoise & Plimpton have won the top roles on Time’s $2.8bn sale to Meredith Corporation.

Debevoise advised the target Time Inc, the media company that owns brands such as Country Life, Fortune, NME and Time.

The firm fielded a team led out of the US, with New York partners William Regner and Michael Diz working with the company. Regner is co-head of M&A for the firm.

Partners Lawrence Cagney, Jeffrey Cunard and Peter Furci provided executive compensation, corporate IP and tax advice respectively. Antitrust partner Gary Kubek and corporate partner Scott Selinger were also involved.

Cooley represented the buyer Meredith Corporation and its team was led by Washington DC partner Kevin Mills.

To finance the transaction, media company Meredith has secured a total of $3.5bn from RBC Capital Markets, Credit Suisse, Barclays and Citigroup Global Markets.

It has also secured $650m in preferred equity commitment from Koch Equity Development (KED), run by the US billionaire Koch brothers. Jones Day advised KED.

The deal is expected to close in the first quarter of 2018, with Time CEO Rich Battista expected to leave the company once the sale is completed.