Time Inc sale highlights economic, political turmoil in media
WASHINGTON: The sale of Time Inc, home to some of the most storied American magazines, highlights the troubled state of print media and raises questions about the politics of the news industry in the Donald Trump era.
In a deal announced Sunday, Meredith Corp, publisher of Better Homes & Gardens and other titles, agreed to pay US$2.8 billion for the owner of the renowned Time Magazine and other wellknown magazines including People, Fortune and Sports Illustrated.
The deal is backed by the billionaire brothers Charles and David Koch, known for supporting conservative causes and candidates, and largely antagonistic to the mainstream media.
The US$650 million from the family’s Koch Equity Development (KED) was described as a ‘passive’ investment, according to Meredith, which said the group would not have a board seat or any “influence on Meredith’s editorial or managerial operations.”
The backing from Koch has nonetheless raised concerns about wealthy conservatives bankrolling efforts to reorient media organizations away from what some view as a left-wing bias.
“Media is a crappy investment and if you’re going to take it on, you’re doing it for reasons other than fiduciary returns,” said Jeff Jarvis, a professor of new media at City University of New York and a former journalist with Time Inc.
“I’m not against more conservative investment in media,” Jarvis said, but he argued that the Kochs appear to be “more propagandistic than journalistic.”
Charles Alexander, a former Time editor, wrote in a Nation essay last week of his concern that the Kochs have been aggressively funding climate change denial efforts, raising fears of an effort to stifle reporting in that area.
Alexander said the billionaires – whose businesses include energy, pipelines, cattle and paper industries – have “financed a campaign of disinformation designed to convince the public and politicians that climate change is nothing to worry about.”
Angelo Carusone, president of the left-leaning watchdog group Media Matters for America, said he doubts the claim that the Koch family will remain passive.