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Koch Brothers Among New Owners of 'Time Magazine'
28 November 2017, 12:44 | Vera Richards
Conservative billionaire brothers Charles and David Koch are kicking in $600 million for the purchase, according to the New York Times, although neither Meredith nor Time acknowledged the contribution in their press releases.
Meredith's deal is backed by $650 million from Koch Equity Development, the investment arm of Koch Industries, an industrial conglomerate rooted in the oil and gas business. Fears have been raised that the source of the funding could be of a political interest, however Meredith claims that there will be no seat on the board as a result of the funding and that editorial will remain out of reach of influence.
Shares of Time Inc., not surprisingly, opened up 9.2% at $18.45 per share and hovered around there through morning trading. "We are also creating a powerful digital media business with 170 million monthly unique visitors in the USA and over 10 billion annual video views, enhancing Meredith's leadership position in reaching millennials". The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in 2013.
In May of this year, Time Inc announced plans to sell some magazines or other properties as it tried to push ahead with a digital strategy. It also runs 17 local news stations in 12 markets. It will give news, business and sports brands to the Des Moines, Iowa-based publisher and broadcaster, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle.
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The boards of both companies have approved the transaction, which is due to be finalized in the first semester of 2018, Meredith said in a statement.
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