DES MOINES, Iowa -- Meredith Corporation says the acquisition of Time Inc. should bring jobs to the Des Moines metro.
The $2.8 billion deal is expected to be finalized next year. Meredith already owns Better Homes & Garden, Shape, Martha Stewart Living, and several other magazines. The Time acquisition adds Time Magazine, Sports Illustrated, and People to the mix.
Meredith CEO Steve Lacy says once the deal is complete, Meredith will review its portfolio to determine if any of the brands overlap. He says the creative teams and sales departments will stay where they are, but other positions will be heading to Des Moines.
"The areas were we see a real opportunity, and a real plus for Des Moines, would be in the support functions, legal, accounting, our circulation functions, and they are right now two separate public companies," said Lacy. "So we'll bring the boards together and we'll bring a lot of those support functions here to Des Moines. It's a little bit early to quantify the number, but I think it will be substantial for our workforce here in central Iowa."
Lacy says magazines are still a strong market; only two percent of Meredith's customers are digital-only readers.