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IPFS News Link • MEDIA (MainStreamMedia - aka MSM)

Meredith Bid for Time Inc. Said to Be Backed by Koch Brothers


Time Inc. is said to be in talks to sell itself to the Meredith Corporation, in a deal backed by Charles G. and David H. Koch, the billionaire brothers known for supporting conservative causes.

Talks between Time Inc., the publisher of Time and People, and Meredith, the publisher of Family Circle and Better Homes and Gardens, fizzled this year. The new round of negotiations, motivated by the surprise entry of the Kochs, could lead to a quick deal, according to people involved in the discussions.

The Kochs have tentatively agreed to back Meredith's offer with an equity injection of more than $500 million, the people with knowledge of the talks said. A spokesman for the brothers' business, Koch Industries, declined to comment on Wednesday.

Time Inc. also declined to comment. Meredith did not immediately respond to a request for comment.

The companies have been negotiating over the past several days, and Meredith is reviewing the latest Time Inc. financial information.

Although it is unclear whether the proposed deal will reach fruition, both sides hope to move quickly enough to be able to announce a transaction soon after Thanksgiving.

The billionaire David H. Koch in 2014. He and his brother Charles G. Koch are prominent backers of conservative causes and candidates. Credit Carlo Allegri/Reuters

The talks are part of the third known attempt by Meredith to purchase Time Inc. In 2013, a deal collapsed when the two publishers could not agree on which magazines Meredith would buy. At the time, Meredith reportedly did not want to acquire four of Time Inc.'s best known titles: Time, Fortune, Money and Sports Illustrated.