NewsGuild of New York Statement on Time Inc. and Meredith Corporation Deal
On Sunday, the Meredith Corporation announced that with the financial backing of Koch Equity Development the company will acquire Time Inc. There is a never an appropriate time to sell a trusted journalistic institution to a conservative-backed private equity corporation. However, this transfer of ownership couldn’t come at a worse time. With a Presidential administration that publicly doubts and disregards news outlets across the country, both Time Inc. shareholders and Richard Battista, the President and CEO of Time, should recognize that this sale is irresponsible. Perhaps his golden parachute clouded his judgement? In an age of media consolidation by powerful corporate interests, this influential conglomerate owes its employees and the public a Time Inc. that will remain objective and transparent.
The NewsGuild is committed to standing with and supporting its journalists and media professionals at Time Inc. to ensure that its members continue to have the working conditions and benefits for which they have fought so hard.
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