Des Moines-based Meredith announces deal to buy Time Inc

Meredith to buy Time Inc. for $1.85 billion: report

Meredith to buy Time Inc. for $1.85 billion: report

Reuters reports that the deal will be worth $1.84 billion. Meredith said they will have no influence in the combined company. The company attempted to buy Time earlier this year as well as four years ago.

On Sunday night Meredith Corp. concluded a sale agreement for an all-cash purchase of Time Inc. for almost $3 billion, backed by a $650 million infusion by billionaire brothers Charles G. and David H. Koch.

As it turns out, the Koch brothers are contributing more than that.

$650 million of the Meredith Corporation's $3 billion purchase came from the Koch Brother's private equity.

Media watchdogs have expressed concern over the potential influence of the Koch brothers on Time Inc.

Why It's Important That Leigh Corfman Keeps Talking About Roy Moore
Senate candidate Doug Jones takes questions from reporters at a fish-fry campaign event November 18 in Birmingham, Ala. The Moore campaign lashed out at the news media, Democrats and the GOP establishment in a press conference on Tuesday.

The Koch brothers-known for their conservative politics-will hold no editorial or management control over the publications owned by the Meredith Corporation.

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. Some of the media company's popular magazines include Better Homes & Gardens, Parents and Family Circle.

The magazines now published by Meredith are not highly circulated, as their current line-up includes niche publications such as Better Homes and Gardens, Every Day with Rachael Ray, and Traditional Home.

Meredith said the first two years after the acquisition are expected to generate cost synergies of $400 million to $500 million, which is probably not reassuring to Time Inc. employees considering its multiple layoff rounds this year.

"The transaction is valued at $2.8 billion and that includes refinancing almost $900 million of Time Inc.'s net debt", Ceryanec said.

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