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Input: NEW YORK (Reuters Breakingviews) - Time beat the clock. After rejecting at least two earlier entreaties  the publisher of Fortune  Sports Illustrated and other magazines agreed to be acquired by rival Meredith for $1.8 billion  which includes a hefty 46 percent premium. It’s a lucky break because a go-it-alone strategy looked doomed. Bountiful cost savings  however  will go to the buyer and its new billionaire backers.
Fortunately for Time shareholders  Meredith has been a persistent suitor. After failed merger efforts over the last few years  the $18.50-a-share all-cash offer provides nearly $600 million more than the target’s market value when deal talks surfaced on Nov. 16.
The presence of Charles and David Koch  whose private equity fund is kicking in preferred equity to help pay for the acquisition  may create concern for some readers because of the brothers’ history of supporting conservative causes. They aren’t getting a board seat  though. The investment  which resembles  one Mexican billionaire Carlos Slim made in the New York Times   also includes a solid financial rationale.
 Meredith  is touting between $400 million and $500 million of cost savings within two years of the companies uniting. Once taxed and capitalized  at the low end of that range they would be worth some $2.4 billion today – on a $2.8 billion deal  including debt. If nothing else  that should buy  Meredith  and the Kochs some time.

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