Meredith Sells Time Magazine, Kinder Morgan Evaluates Canada Exit

Mukesh Buch
17 Sep, 2018
New York City

Alaska Air said combined passenger traffic in August rose 3.8%. Meredith agreed to sell Time magazine to Salesforce founder Marc Benioff for $190 million. Kinder Morgan hired TD Securities to sell its Trans Mountain pipeline to exit from Canada.

[R]12:25 PM New York City, New York – Alaska Air said combined passenger traffic in August rose 3.8%. Meredith agreed to sell Time magazine to Salesforce founder Marc Benioff for $190 million. Kinder Morgan hired TD Securities to sell its Trans Mountain pipeline to exit from Canada.[/R]

Tollbooth Index dropped 132.79 or 0.8% to 16,379.45 but for the year-to-date soared 19%.

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Alaska Air Group Inc ((ALK)) increased 67 cents to $69.58 after the regional airline services provider said combined passenger traffic in August rose 3.8%, capacity jumped 4.3% and load factor decreased 0.5 points to 85.7%.

OnCourse Learning, the online real estate education provider agreed to be acquired by Germany-based publishing services provider Bertelsmann SE from private equity firm CIP Capital for about $500 million.

Meredith Corp ((MDP)) fell 10 cents to $52.30 after the media conglomerate agreed to sell Time magazine to Marc Benioff, Salesforce.com founder and and his wife Lynne Benioff for $190 million in cash.

Meredith plans to reduce its debt by $1 billion during fiscal 2019 from the current net debt of $2.7 billion.

“We are honored to be the caretakers of one of the world’s most important media companies and iconic brands,” said Marc Benioffs.

Time magazine was founded by Henry Luce and Briton Hadden in 1923.

Kinder Morgan Inc ((KMI)) gained 1.1% or 19 cents to $18.25 after Reuters reported the energy infrastructure provider hired investment bank TD Securities to sell its Trans Mountain pipeline to the Canadian government for about C$4.5 billion.

In a conference earlier this month, chief executive officer of Kinder Morgan Steven Kean said the company plans to sell the rest of its business in Canada.