NEW YORK — US media corporation Time Inc is selling itself for nearly $3 billion to media conglomerate Meredith Corporation.

In a statement released Sunday, Time Inc said that Meredith will make an $18.5 per share cash offer to acquire all outstanding Time Inc shares for a total transaction. The value of the all-cash transaction is approximately $2.8 billion, including the assumption of debts and the company assets.

The $18.50 per share price represents a 46 percent premium over the closing price on Nov 15, the day prior to media reports about the transaction, according to the statement.

Rich Battista, president and CEO of Time Inc, said "Time Inc now engages over 230 million consumers across digital and print every month through a portfolio of premium, iconic brands that are well positioned to continue to be powerful voices in media for many years to come."

Founded on Nov 28, 1922, Time Inc owns and publishes over 100 magazine brands, including its namesake Time, Sports Illustrated, Fortune and People.

In 1990, Time Inc merged with Warner Communications to form the media company Time Warner. This merger lasted until the company was spun off in 2014, according to media reports.

The transaction is expected to close during the first quarter of 2018.