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Meredith Bid for Time Inc. Said to Be Backed by Koch Brothers
Source: New York Times
Meredith Bid for Time Inc. Said to Be Backed by Koch Brothers
By SYDNEY EMBER and ANDREW ROSS SORKIN NOV. 15, 2017
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.
-snip-
By SYDNEY EMBER and ANDREW ROSS SORKIN NOV. 15, 2017
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.
-snip-
Read more: https://www.nytimes.com/2017/11/15/business/media/koch-brothers-time-meredith.html