Meredith Corporation acquired Time for $18.50 per share in an all-cash transaction valued at $2.8bn. to create premier media and marketing company serving nearly 200m American consumers. The transaction will create a diversified media and marketing company with calendar 2016 combined revenues of $4.8 billion – including $2.7 billion of total advertising revenues with nearly $700 million of digital advertising revenues – and adjusted EBITDA of $800 million. Additionally, Meredith anticipates generating cost synergies of $400 million to $500 million in the first full two years of operation. "When you combine our strong local television business – which has grown operating profit 15% annually over the last five years – with the trusted, premium multiplatform content creation of Meredith and Time Inc., it creates a powerful media company serving consumers and advertisers alike. We look forward to completing the transaction; welcoming the Time employees to Meredith; delivering on our pledge to achieve identified synergies; and growing shareholder value." Tom Harty, Meredith President and Chief Operating Officer.