Meredith buying Time Inc. for about $1.8 billion | Inquirer Business

Meredith buying Time Inc. for about $1.8 billion

/ 11:49 PM November 27, 2017

Meredith Corp. announces that it is buying Time Inc. AP PHOTO

NEW YORK — Shares of Meredith and Time are climbing Monday morning after news that Meredith, a magazine and broadcasting company, will buy the New York publisher.

Meredith Corp. announced Sunday night that it is buying Time Inc. for about $1.8 billion.

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Iowa-based Meredith owns TV stations that reach 12 million U.S. households. Its women- and lifestyle-focused magazines and websites include Better Homes & Gardens, Family Circle and Allrecipes. Time has Time, Sports Illustrated, People, Fortune and Entertainment Weekly.

To get the deal done, Meredith got $650 million in financial backing from the private equity arm of Koch Industries, the energy conglomerate of the billionaire Koch brothers known for their advocacy for conservative causes. In a press release, Meredith says Koch won’t get a board seat or influence editorial operations.

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