Time Inc sells itself to meredith corp, backed by Koch Brothers

November 27, 2017 23:35

New York Times reports:

A long chapter in media history came to an unlikely close on Sunday night with a sale agreement for Time Inc, the publisher of once-prestigious magazine titles including Time, Sports Illustrated and People.

The Meredith Corporation -- the owner of Family Circle, Better Homes and Gardens and AllRecipes -- agreed to purchase Time Inc in an all-cash transaction valued at nearly $3 billion.

The deal was made possible, in part, by an infusion of $650 million from the private equity arm of Charles G and David H Koch, the billionaire brothers known for using their wealth and political connections to advance conservative causes.

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