Meredith Corporation announced that it has entered into a binding agreement to acquire all outstanding shares of Time Inc. for $18.50 per share in an all-cash transaction valued at $2.8 billion. The transaction has been unanimously approved by the Boards of Directors of Meredith and Time Inc., and is expected to close during the first quarter of calendar 2018. "We are creating a premier media company serving nearly 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth," said Meredith Corporation Chairman and CEO Stephen M. Lacy. "We are adding the rich content-creation capabilities of some of the media industry's strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults. We are also creating a powerful digital media business with 170 million monthly unique visitors in the U.S. and over 10 billion annual video views, enhancing Meredith's leadership position in reaching Millennials." Click Read More below for additional information.

"The FedEx team delivered improved profitability, while navigating a very challenging operating environment, including a compressed Peak season and severe weather events,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “I am proud of the team for executing on our transformation efforts while strengthening our value proposition and improving the customer experience. Looking ahead, we remain focused on supporting our customers amid the shifting macroeconomic environment.” Consolidated operating results improved due to cost reduction benefits from DRIVE program initiatives, higher base yield at each transportation segment, and higher volume at Federal Express. Federal Express segment operating results improved during the quarter, driven by cost reduction benefits from DRIVE, higher base yield, and increased U.S. and international export volume. These factors were partially offset by higher wage and purchased transportation rates, as well as the expiration of the U.S. Postal Service contract. FedEx Freight segment operating results decreased during the quarter due to lower fuel surcharges, reduced weight per shipment, and fewer shipments, partially offset by higher base yield. The quarter’s results include a net tax benefit of $46 million ($0.19 per diluted share), primarily from corporate entity structure changes and revisions of prior year estimates for actual tax return results.

Midland Paper, Packaging & Supplies, a $1 Billion wholesale distribution company based in Chicago, IL, announced this week that Stan Hooker, the company’s long-time Chairman & CEO, has retired and sold his majority interest to his three partners, Ralph DeLetto, Mike Graves, and Jim O’Toole. This transition allows the company to continue its long tradition of being the leading independent paper and packaging distribution company in North America. Mr. Hooker said: “The timing of this transition is good for me personally, as my wife and I can devote more time to being with our friends and family, and the timing is good for Midland given the company’s strong financial position and its proven senior leadership team at the helm”. Mike Graves, the company's President and COO, will assume the role of CEO. Mr. Graves noted: “we are grateful to Stan for his longstanding leadership at Midland, and we look forward to continuing Midland’s legacy as an entrepreneurial, independent organization that strives to be the first choice for suppliers and customers alike”.