Media giant Period Inc.’s acquisition by Meredith is key to boosting its digital organization, offering up it a fighting opportunity against “giant tech monsters” like Facebook and Google, the business’s chief content officer, Alan Murray, explained Thursday.
The $2.8 billion package, backed by an affiliate of billionaire brothers Charles and David Koch, was announced in November.
“The important thing to realize about this merger is that, when you put both companies together, we become the sixth greatest digital media operation in the usa – 174 million unique people to our sites,” Murray told CNBC.
“It creates the combined firm a serious digital player, which is everything you have to come to be in the current media world,” he added.
Relating to Murray, the press industry is facing an exceptionally tough period as a result of the digital disruption. “Giant tech monsters” like Facebook and Google are spending the lion’s share of digital marketing without having to spend on creating content, he said.
“The only method you have a chance to survive nowadays is to have great scale, or to have a very secure, little niche,” Murray said.
Time includes a market capitalization of $1.8 billion, while Meredith’s stands at $3.1 billion.
Time has also been in the news lately because President Donald Trump alleged in a Twitter content that the flagship magazine had reached out to him and implied he would “PROBABLY” come to be named the “Man (Person) of the Year.”
The magazine denied that account, and Murray had said on Twitter that there was “not really a speck of truth” to Trump’s claim. Asked by CNBC about the disagreement with the president, Murray said: “I cannot begin to fathom the inner workings of the president’s mind.”
Time’s actual collection for “Person of the Year” was the “The Silence Breakers” – women who exactly spoke out against sexual harassment