Koch brothers back Meredith bid to buy Time

Gladys Abbott
November 17, 2017

They point out that with print advertising drying up Time is struggling to reinvent itself while the lion's share of digital advertising dollars goes to Facebook Inc and Google.

Meredith Corp is in talks to purchase Time Inc, with the backing of billionaires Charles and David Koch, the New York Times reported on November 15.

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The New York Times cited unnamed sources to say the Koch brothers have tentatively agreed to provide more than $500 million in equity on Meredith's behalf. The billionaire brothers have, over the decades, built a network of affluent political donors who support conservative causes and their advocacy groups. In 2012, the billionaires spent nearly $400 million.

Time's value is estimated to be about $1.3 billion, while Meredith is valued at $2.42 billion. The brothers own Koch Industries, a Wichita, Kansas-based conglomerate with businesses from oil and ranching to farming and electrical component manufacturing. The common-held wisdom was that the most likely suitor was Meredith Corp., the deeper pocketed Des Moines-based publisher of a stable of titles including Family Circle and Better Homes and Gardens.

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