Alan Murray, Chief Content Officer of Time Inc., said the acquisition of the company by Meredith is crucial to boost the digital business on December 7. He added that it provides the company a fighting chance against tech giants like Facebook and Google.
Time is a U.S. publisher, which also oversees Fortune and Sports Illustrated magazines. Meredith’s acquisition of the media giant was announced on November 26. The $2.8 billion deal was backed by an affiliate of billionaire brothers, Charles Koch and David Koch.
“The important thing to realize about this merger is that, when you put the two companies together, we become the sixth largest digital media operation in the United States — 174 million unique visitors to our sites,” Murray told CNBC.
He added the acquisition made both companies a strong digital player. This is what companies need to be in this era, he opined.
The digital disruption has been responsible for the tough period of the digital industry. Tech giants such as Google and Facebook have been gaining a major share in the digital advertising industry without spending anything on creating content.
Time Magazine has been in news after the U.S. President Tweeted that the magazine was “probably” going to name him as the “Person Of The Year”. However, the magazine denied the claim.
Murray said, “The only way you have a chance to survive in this world is to have great scale, or to have a very secure, small niche.”