£2bn takeover at Time magazine

TIME Magazine’s publisher has been snapped up by the US media company Meredith Corp for £2.1bn.

The deal to buy Time Inc, which also owns People, Sports Illustrated and Fortune magazines, was backed by the billionaire brothers Charles and David Koch.

It will add news, business and sports brands to Iowa-based Meredith, a broadcaster that already owns lifestyle magazines.

Analysts said it could pave the way for its broadcasting arm to be spun off into a standalone company. When combined, the Meredith and Time brands will have a readership of 135m and paid circulation of nearly 60m.

The Koch brothers are two of the world’s richest men through their ownership of Koch Industries, a sprawling industrial empire that manufactures products such as Brawny paper towels, Dixie Cups and Lycra. They will not have a seat on Meredith’s board and will have no influence over editorial or managerial operations.