Meredith moves to sell Time, Fortune and Sports Illustrated titles — sources

Meredith Corp Chief Executive Stephen Lacy speaks during an interview with Reuters in New York on March 22, 2013. (REUTERS/Mike Segar)
Updated 16 March 2018
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Meredith moves to sell Time, Fortune and Sports Illustrated titles — sources

NEW YORK: US media company Meredith Corp. has hired advisers to explore a sale of its Time, Fortune, Money and Sports Illustrated magazines following its $1.84 billion acquisition of Time Inc. in January, people familiar with the matter said.
The move illustrates how Meredith sees some of Time Inc’s titles that attract primarily male readership as not playing to its core strength in women’s magazines, which include Better Homes & Gardens, Family Circle and Martha Stewart Living.
The Des Moines, Iowa-based company has tapped investment banks Citigroup Inc. and Houlihan Lokey Inc. to find potential buyers for the magazines, the sources said this week. There is no certainty that a divestiture will occur, the sources added.
While it’s possible that media, telecommunications or technology companies could express an interest in the magazines, a sale to wealthy individuals, such as philanthropists or billionaires, is viewed by Meredith as more likely, according to one of the sources.
The sources asked not to be identified because details of the sale process are confidential. Citigroup declined to comment, while Houlihan Lokey did not immediately return a request for comment.
“We are in fact exploring a number of additional changes to the (magazine) portfolio, including divestitures of brands and businesses that might perform better under a different owner,” Meredith CEO Steven Lacy told investors at a Deutsche Bank conference earlier this month.
Time Inc. referred calls to Meredith, which declined to comment beyond reiterating that the company is reviewing its portfolio.
It was not clear how much the magazines could be worth. Fortune and Money generated more than $20 million in 12-month earnings before interest, taxes, depreciation and amortization (EBIDTA), while Time generated more than $30 million in 12-month EBITDA, according to one of the people.
The potential divestitures underscore how Time Inc’s primary attraction for Meredith was building scale in digital advertising. With its roots in traditional publishing, Meredith has been in a fierce competitive online race against Internet giants such as Alphabet Inc’s Google and Facebook Inc. for consumer eyeballs and advertising dollars.
The deal with Time Inc. expanded Meredith’s reach with Internet-savvy millennials, creating a digital media business with 170 million monthly unique visitors in the United States and more than 10 billion annual video views.
Meredith’s acquisition of Time Inc. was aided by a $650 million investment from the private equity arm of Charles and David Koch, the billionaire brothers known for championing conservative political causes.


The role of social media in solving — and committing — crimes

Many things are forbidden when using social media in Saudi Arabia, including stirring up tensions and causing division among citizens, encouraging criminality, or publishing anything might harm public affairs in the country. (AFP)
Updated 19 December 2018
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The role of social media in solving — and committing — crimes

  • The battle against cybercrime in the Kingdom is likely to escalate as technology becomes more sophisticated, and there are already heavy penalties for crimes such hacking, identity theft, hate speech and pornography
  • The obvious first step is to contact the police and hand over the devices containing the digital evidence. Specialist officers will copy the data, analyze it and evaluate it

JEDDAH: Many Saudi citizens are increasingly using social media as an alternative source of news, rather than local media organizations, which are subject to strict censorship and controls regarding content.
There is no doubt that as the use of social networks has increased, so too has the number of people subjected to abuse, threats, discrimination and defamation online. In some cases people, groups or organizations are deliberately and systematically targeted to achieve a specific goal.
Dealing with such abuse on social media is an organizational matter that often requires some form of censorship. There is a fine line between the right of an individual to create and publish a video on social media in which they can express their personal opinions and, for example, the right to publish recorded footage of a crime taking place.
Many questions were raised, for example, by a recent incident involving the kidnapping of a Saudi teenage girl in Riyadh, footage of which was posted on an Instagram live stream. The video quickly went viral, though it was soon deleted.
The posting of such footage of criminal acts is considered a crime and exploitation in the Kingdom. Many other things are forbidden when using social media in Saudi Arabia, including stirring up tensions and causing division among citizens, encouraging criminality, or publishing anything might harm public affairs in the country.
If any person, group or organization feels that they have been subjected to online abuse they can report it to the authorities who will examine the digital evidence, including any video footage.
Abdulrazzak Murjan, an expert in digital evidence and a member of the American Academy of Forensic Medicine, said that rulings by the Supreme Court set out the procedures for dealing with such allegations, and how digital evidence can be used.
“Videos are one type of digital evidence and can be taken as a pretext, when they are free of editing, to prove the charge in the...courts,” he said.
The laws governing information crimes, which involve use of electronic devices to commit a crime, prohibit “producing material that violates public order, religious values, public morals or the inviolability of private life, preparing it, sending it or storing it through a network or a computer.”
While electronic devices and social media can legitimately be used as sources of digital evidence to prove criminal activity, the misuse of such content by publishing it online is itself considered a cybercrime. It is, therefore important to know what to do should you come into possession of such sensitive material.
The obvious first step is to contact the police and hand over the devices containing the digital evidence. Specialist officers will copy the data, analyze it and evaluate it. If appropriate, the evidence will be submitted to the attorney general for further assessment, and then to the court during a trial.
While the misuse of social media in the ways described above can be a criminal act, cybercrime is a more general description for any crime committed using a computer and network, such as hacking, blackmail and cyberbullying. The victims can range from individuals and organizations all the way up to governments. In Saudi Arabia many measures are being taken and constant work is being done to protect people from such attacks.
“In terms of the nature of crimes committed through social media, they fall under the laws related to cybercrimes,” said Budur Al-Sharif, a lawyer. “They are associated with the criminal law, under which fall the cybercrime laws issued by the Communications and Information Technology Commission.
“Saudi criminal law includes many regulations related to addressing cybercrimes in terms of the type of crime, its meticulous peculiarity, its methods and the extent of the punishment imposed according to that law. The punishment for the perpetrators of these crimes can be as high as 10 years in jail or a fine of SR5 million ($1.3 million).”
Lawyer Dimah Al-Sharif called for action to make social media safer for everyone, and to raise awareness of other people’s rights and the consequences of misuse.
“I believe that establishing official and verified accounts controlled by the Ministry of Interior would help to make reports more credible and trustworthy, and reduce false reports. Moreover, awareness is needed among teenagers and minors to make it easier for them to differentiate between their freedoms and other people’s privacy.”
The battle against cybercrime in the Kingdom is likely to escalate as technology becomes more sophisticated, and there are already heavy penalties for crimes such hacking, identity theft, hate speech and pornography.
“We are facing increased hate speech and discrimination and measures have been taken to curb it,” said Muna Abu Sulaiman, a social media personality and expert. “However, enforcement lags behind and involves too many different ministries and authorities. My suggestion is that we develop a law enforcement unit that deals only with cybercrimes relating to hate speech.
“When crimes go beyond social media into the real world, and social media is used only to document them, law enforcement is fast to respond. We have seen several cases where within hours crimes were solved and criminals apprehended.”