Time Inc. has new owners. The Publishing giant announced that Meredith, another publishing company, is planning on buying the company for a sizeable $2.85 billion. Time Inc., which is famous for its publications such as Time, People, and Sports Illustrated, was founded in 1922. It has a long history of spanning 95 years that includes many iconic covers from entertainment superstars to US Presidents. The Acquirer, Meredith is also a well-established publishing company. It already publishes top magazines that include Parents, Shape and Better Homes & Gardens.

Meredith had expressed interest in Time Inc. and some of its well-known publications. News of interest first started in 2014, when it was rumored that Meredith was interested in buying some of the magazine publications Time Inc. produced, including People. Then again last year after a failed $1.8 billion acquisition offer. However, it seems that now it is more that rumor, after Time’s board of directors voted unanimously in favor of the acquisition. Meredith states that the takeover will have transformative effects on all of the publications. There may be some untapped potential that can be gained by combining the two media giants. Buying a business is a great way to expand your own, and Meredith knows this. This is a great example for many businesses out there, if you want to continue to grow and expand into new markets maybe think about buying a business.