Koch brothers support Meredith bid for Time

Ivan Schwartz
November 17, 2017

Meredith Corp (N:) is in talks again to buy Time Inc (N:) in a potential deal backed by billionaire brothers Charles Koch and David Koch, a source familiar with the situation told Reuters on Thursday. The Kochs could help support Meredith's offer with $500 million in equity capital, and a deal could be announced shortly after Thanksgiving. The person asked not to be named as the matter is private. Time was founded in 1923 and originally run by Henry Luce.

"It is not clear how much influence - if any - the Kochs would have on a Meredith-owned Time Inc. if the deal were to go through", The Times reported. In 2012, the billionaires spent nearly $400 million.

This would be the third time Meredith has attempted to acquire Time since 2013.

Time's value is estimated to be about $1.3 billion, while Meredith is valued at $2.42 billion.

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The negotiations and the Koch brothers' involvement were also reported by Bloomberg.

Once part of Time magazine, Time Inc. publishes People, Sports Illustrated, Entertainment Weekly and more than 100 other magazines.

Des Moines-based Meredith also owns 17 television stations, according to USA Today.

Other reports by GizPress

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