Meredith to buy Time for $3.8b in all-cash transaction

Time Inc. entrance

Time Inc. nearing sale to company backed by Koch brothers: report

Meredith will pay $18.50 per share of the publicly traded Time Inc.

The Kochs - who made their fortune in Koch Industries which invests in a number of manufacturing companies - run a massive political operation that includes funding for a number of libertarian and conservative thinks-tanks and grassroots organizers, such as Citizens for a Sound Economy Citizens for a Sound Economy, Americans for Prosperity, and the Cato Institute.

"This is a transformative transaction for Meredith Corporation, and follows a fiscal 2017 in which we posted the highest revenues, profit and earnings per share in our 115-year history", said Meredith President and Chief Operating Officer Tom Harty.

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Meredith has been trying to buy Time Inc. since at least 2013, when its first offer was rejected because the two companies could not agree on what magazine titles would be included in the deal.

Time Inc., the steward of some of the country's most circulated and storied magazine brands, will be sold to the lifestyle-magazine publisher Meredith Corp., the companies announced Sunday.

As it turns out, the Koch brothers are contributing more than that. Wall Street responded enthusiastically to Meredith's move, pushing the stock up as much as 16% Monday, before settling down in midday trading to about 10% over the media stock's previous closing price. Meredith said that Koch Equity Development, the investment arm of Koch Industries, will contribute $650 million in equity to help finance the deal.

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Time, which also publishes Fortune and Sports Illustrated, began looking for a buyer late a year ago before giving up several months later, while welcoming options.

Publisher Meredith (NYSE:MDP) is close to a deal to acquire Time Inc.

Meredith executives said that no one affiliated with the Kochs will have a seat on the company's board and that there will be "no influence" exerted by the billionaire brothers on the magazines' editorial content.

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