Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc.
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.
Meredith has attempted to purchase Time before in 2013, but that was unsuccessful.
Charles and David Koch are among the new owners of the recently sold Time Inc., the company that owns and publishes over 100 magazine brands, including Time Magazine. Reuters reports that the deal will be worth $1.84 billion.
TN: EC announces bye-poll for Radha Krishna Nagar assembly seat
RK Nagar Assembly constituency fell vacant following the demise of former Tamil Nadu Chief Minister J Jayalalithaa past year . These two leaders had been in opposing splinter groups of the party the last time the by-election had been announced.
As it turns out, the Koch brothers are contributing more than that.
The acquisition also gives the billionaire Koch brothers, who agreed to support Meredith's offer with an equity injection of US$650 million, a foothold in the struggling magazine industry. "Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector", Time Inc.
Publisher Meredith (NYSE:MDP) is close to a deal to acquire Time Inc. On Friday, Time shares closed at $16.90. The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens.
Once the two companies are merged, Meredith says they will serve almost 200 million consumers, with its digital media business reaching 170 million monthly unique visitors in the U.S. Meredith and Time Inc. made combined revenues of $4.8 billion in 2016, including $2.7 billion in total advertising revenue (with $700 million of that from digital advertising) and adjusted EBITDA of $800 million.