Meredith Corp. CEO Stephen Lacy said the company has the "capacity for additional acquisitions, especially on the broadcast side."
The executive was speaking on a Nov. 27 conference call to discuss Meredith's offer to buy Time Inc. in an all-cash transaction valued at $2.8 billion. Meredith agreed to pay $18.50 per share for the New York-based publisher of the TIME magazine. The offer represents a 46% premium over the closing price on Nov. 15, the day prior to media reports of Meredith's renewed interest in Time Inc. Time Inc.'s shares closed at $16.90 on Nov. 24.
