Meredith Announces Deal to Buy Time Inc.
DES MOINES, Iowa — Meredith has announced a deal to purchase Time Inc.
The media company will buy the publisher of Time, Sports Illustrated, and Fortune magazines for $2.8 billion. The all-cash deal is being backed by billionaire brothers Charles and David Koch. The pair are considered conservative political powerhouses, but Meredith says they won’t have a role in editorial or management.
Meredith held unsuccessful talks to buy Time earlier this year and in 2013.