Time Inc. has announced that it has entered into a definitive agreement to be acquired by Meredith Corporation. Rich Battista, President and CEO of Time Inc., will work closely with the Meredith management team to ensure a smooth transition through the closing date. Under the terms of the agreement, Meredith will make an $18.50 per share cash tender offer to acquire all outstanding Time Inc. shares for a total transaction value of approximately $2.8 billion. Time Inc.'s Board of Directors has unanimously determined that this all-cash transaction, and the immediate value it provides, is in the best interests of the Company and its shareholders.