Hmm… This deal is partly funded by the Koch brothers.
Magazine publisher and broadcast company Meredith Corp. said Sunday afternoon it will acquire Time Inc. in a deal valued at $2.8 billion, as the print magazine industry continues to struggle.
The Des Moines, Iowa-based company said in a statement that the deal had been approved by both firms’ boards of directors and is expected to close in the first quarter in 2018.
Meredith said it secured $650 million from Koch Equity Development, the investment arm of Koch Industries, but the publisher said Koch Equity Development would not have a seat on the Meredith board and “will have no influence on Meredith’s editorial or managerial operations.”
After speculation of the deal began to bubble, media experts questioned whether the Koch brothers would use Time’s storied publications to promote their brand of conservative politics…
Meredith’s best-known brands include Family Circle and Better Homes and Gardens. In addition to Time magazine, New York-based Time Inc. also publishes Fortune, Entertainment Weekly and People.