Koch Brothers Backing Meredith's New Bid for Time Inc

Koch Brothers Backing Meredith's New Bid for Time Inc

Koch Brothers Backing Meredith's New Bid for Time Inc

Charles and David Koch, the billionaire USA industrialist brothers, are backing publisher and broadcaster Meredith Corp.'s revived bid to purchase Time Inc.

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

The billionaire Koch brothers are said to be investing $500 million into the deal in support of Meredith's offer.

The billionaire libertarian Koch Brothers, whose company is based in Wichita, Kan., are known for supporting conservative causes, as well as philanthropic donations to civic and arts organizations.

Time Inc.is considering selling itself to fellow publisher Meredith Corp., according to media reports.


The shift in consumer attention to the internet has hit magazine publishers. Iowa-based Meredith publishes Better Homes and Gardens and Martha Stewart Living, among others.

Time shares rose 28 percent to close at $16.20. Meredith was valued at $2.42 billion.

The companies did not comment publicly about the reports, but the Journal said two unidentified Meredith executives denied that any talks were underway.

Sharp falls in sales of magazines and newspapers have weighed on Time's business in recent years, though a tight control on costs has helped it to beat market expectations this year.

Related news