Time’s up for $2.8B
Koch bros key to mag deal
A COMPANY backed by the politically influential Koch brothers is buying Time Inc. for nearly $3 billion, closing a long chapter in the life of a publishing powerhouse.
The Iowa-based Meredith Corp. will spend $2.8 billion in an all-cash transaction to buy Time Inc., the banner behind such titles as Time, People, Fortune, Sports Illustrated and InStyle.
The purchase was backed in part by a $650 million investment from Charles and David Koch, the billionaire brothers who have used their wealth to advance conservative causes. THE COMPANIES said their in “our strategic transformation plan and in our ability to write the next great chapter of this storied company.”
The two companies were reportedly in talks about a sale earlier this year, but couldn’t agree to terms in April.
Meredith came to the table with its own stable of publications, including Family Circle, Martha Stewart Living and Better Homes and Gardens.
The Koch brothers refused to back President Trump during his election campaign, but have improved relations with his administration in 2017.
The billionaires have met with top Trump officials, including Vice President Pence.