TIME INC. (Name of Subject Company) TIME INC. (Name of Person Filing Statement)

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1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C SCHEDULE 14D-9 SOLICITATION/RECOMMENDATION STATEMENT UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934 TIME INC. (Name of Subject Company) TIME INC. (Name of Person Filing Statement) Common stock, par value $0.01 per share (Title of Class of Securities) (CUSIP Number of Class of Securities) Lauren Ezrol Klein Executive Vice President, General Counsel and Corporate Secretary 225 Liberty Street New York, NY (212) (Name, address and telephone number of person authorized to receive notices and communications on behalf of the persons filing statement) With copies to: William D. Regner Michael A. Diz Debevoise & Plimpton LLP 919 Third Avenue New York, NY (212) Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

2 This Schedule 14D-9 filing is made in connection with that certain Agreement and Plan of Merger, dated as of November 26, 2017, by and among Time Inc. (the Company ), Meredith Corporation and Gotham Merger Sub, Inc., and consists of the press release issued by Time Inc. on November 26, 2017 (Exhibit 99.1) and the letter to employees of Time Inc. and its subsidiaries distributed on November 26, 2017 (Exhibit 99.2). The information set forth under Items 1.01, 7.01 and 9.01 of the Current Report on Form 8-K filed by the Company on November 27, 2017 (including all exhibits attached thereto and incorporated therein by reference) is incorporated herein by reference. Important Additional Information and Where to Find It Notice to Investors This communication does not constitute an offer to purchase or a solicitation of an offer to sell securities of the Company. The tender offer for the outstanding shares of the Company s common stock described in this communication has not yet commenced. At the time the planned tender offer is commenced, Meredith Corporation and Gotham Merger Sub, Inc. will file a tender offer statement on Schedule TO with the Securities and Exchange Commission ( SEC ) and the Company will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the planned tender offer. SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER. Those materials will be made available to the Company s security holders at no expense to them. In addition, all of those materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC s Web site:

3 Exhibit Index Exhibit Number Exhibit 99.1 Press release issued by Time Inc. on November 26, Letter to employees of Time Inc. and its subsidiaries distributed on November 26, 2017.

4 Exhibit 99.1 FOR IMMEDIATE RELEASE TIME INC. TO BE ACQUIRED BY MEREDITH CORPORATION (NEW YORK, NY, November 26, 2017) Time Inc. (NYSE: TIME) today announced that it has entered into a definitive agreement to be acquired by Meredith Corporation (NYSE: MDP). Under the terms of the agreement, Meredith will make an $18.50 per share cash tender offer to acquire all outstanding Time Inc. shares for a total transaction value of approximately $2.8 billion, including the assumption of debt and net of cash acquired. 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 The $18.50 per share price represents a 46% premium over the closing price on November 15, 2017, the day prior to media reports about the transaction, and a 66% premium over the 10-day volume weighted average trading price ending on that day. John Fahey, Chairman of the Board, said, Time Inc. s Board of Directors has unanimously determined that this all-cash transaction, and the immediate, certain value it provides, is in the best interests of the Company and its shareholders. On behalf of the entire Board, I thank Rich Battista for his strong and exemplary leadership. We also thank the management team and all Time Inc. employees, who together have made significant progress transforming one of the world s most iconic and historically significant publishing companies into a leading multiplatform media enterprise. Rich Battista, President and CEO of Time Inc., stated, I am proud of our accomplishments and thank the talented teams across the Company for their extraordinary work, relentless commitment, and passion. Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector. 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. The transaction is subject to customary closing conditions and regulatory approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Battista will work closely with the Meredith management team to ensure a smooth transition through the closing date. Upon the closing, it is expected that Battista will leave the Company. Morgan Stanley & Co. LLC and BofA Merrill Lynch are serving as financial advisors to Time Inc. and Debevoise & Plimpton LLP is serving as legal advisor. # # #

5 ADDITIONAL INFORMATION The tender offer has not yet commenced, and this communication is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of Time Inc. or any other securities. On the commencement date of the offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the SEC by purchaser and a Solicitation/Recommendation Statement on Schedule 14D-9 will be filed with the SEC by Time Inc. The offer to purchase shares of Time Inc. s common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ BOTH THE TENDER OFFER STATEMENT AND THE SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE OFFER, AS THEY MAY BE AMENDED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The tender offer statement will be filed with the SEC by purchaser, and the solicitation/recommendation statement will be filed with the SEC by Time Inc. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at or by directing such requests to the Information Agent for the offer, which will be named in the tender offer statement. ABOUT TIME INC. Time Inc. is a leading multi-platform consumer media company that engages over 230 million consumers globally every month. The Company s influential brands include PEOPLE, TIME, FORTUNE, SPORTS ILLUSTRATED, INSTYLE, REAL SIMPLE, SOUTHERN LIVING and TRAVEL + LEISURE, as well as approximately 60 diverse international brands. Time Inc. offers marketers a differentiated proposition in the marketplace by combining its powerful brands, trusted content, audience scale, direct relationships with consumers and unique first-party data. The company is home to growing media platforms and extensions, including digital video, OTT, television, licensing, international markets, paid products and services and celebrated live events, such as the TIME 100, FORTUNE Most Powerful Women, PEOPLE s Sexiest Man Alive, SPORTS ILLUSTRATED s Sportsperson of the Year, the ESSENCE Festival and the FOOD & WINE Classic in Aspen. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This document contains forward-looking statements. These statements are based on management s current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of Time Inc. s businesses. More detailed information about these factors may be found in filings by Time Inc. with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Time Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. MEDIA CONTACTS Greg Giangrande, , Greg.Giangrande@timeinc.com Jill Davison, , Jill.Davison@timeinc.com INVESTOR RELATIONS CONTACTS Roger Clark, , Roger.Clark@timeinc.com Tanya Levy-Odom, , Tanya.Levy-Odom@timeinc.com

Exhibit 99.2 Time Inc. to be Acquired by Meredith Corporation All, I am reaching out this evening to share the news that Time Inc. has entered into an agreement to be acquired by Meredith Corporation.

6 Exhibit 99.2 Time Inc. to be Acquired by Meredith Corporation All, I am reaching out this evening to share the news that Time Inc. has entered into an agreement to be acquired by Meredith Corporation. The deal is expected to close during the first quarter of For more information about the news, you can read our announcement and Meredith s announcement. Time Inc. s Board of Directors unanimously determined that this all-cash transaction, and the immediate, certain value it provides, is in the best interests of the Company and its shareholders. As I ve said many times, I believe in our strategic transformation plan and in our ability to write the next great chapter of this storied company. That said, as a publicly traded company, and one operating in such a dynamic industry as media, we know circumstances can change quickly. Meredith presented us with an opportunity to combine companies to create even greater scale and financial flexibility. Scale matters and will enable the enterprise to compete more effectively in this dynamic media landscape, enhancing the enormous, exciting potential of our brands. Understandably, whenever a company is acquired there is a lot to digest and the news can be distracting. We ve been dealing with distractions all year long and despite that, I am proud of the focus you ve maintained and the great work and results that you ve produced. We just reported our best Q3 in three years and affirmed our outlook for the year. Together, we have moved quickly to successfully launch, grow and advance our multi-platform offerings during unprecedented times in the media sector. Time Inc. now engages more than 230 million consumers across digital and print every month through a portfolio of premium, iconic brands. Over the past several months, we ve conducted a strategic bottom-up review of the business and created a strong plan to accelerate the growth and transformation of this iconic company to ensure that our brands are well positioned to continue being powerful voices in media for many years to come. That is great work. Our many successes are a result of your extraordinary talent, relentless commitment and passion. I thank each and every one of you for contributing to the advancement of our company and building something very special, of which you should feel very proud.

7 It s important now that we maintain our focus, particularly during this interim period until closing, and build on our momentum and accomplishments. I m sure that you have many questions about what this news means more specifically for the company and for yourselves. I ll be hosting two town halls Monday morning EST to provide more context about this decision and transaction. In addition, I will be answering any questions you may have at the town halls, and we will be posting pertinent FAQs on MyTime, which we will update as new information becomes available. You ll receive RSVP and webcast details regarding the town halls tomorrow morning. Thank you, Rich

TIME INC. (Name of Subject Company) TIME INC. (Name of Person Filing Statement)

TIME INC. (Name of Subject Company) TIME INC. (Name of Person Filing Statement) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14D-9 (Rule 14d-101) (Amendment No. 4) SOLICITATION/RECOMMENDATION STATEMENT UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE