Meredith Corporation is buying Time magazine for $2.8bn (£2.1bn) — and it has some controversial financial backers: the conservative billionaire Koch brothers.
Meredith, which already publishes magazines including Parents, Shape and Better Homes & Gardens, said Charles and David Koch helped fund the deal to acquire Time Inc., the mag's publisher, with $650 million in preferred equity.
The deal was unanimously approved by the boards of both companies.
"Time Inc.'s Board of Directors has unanimously determined that this all-cash transaction, and the immediate, certain value it provides, is in the best interests of the Company and its shareholders," John Fahey, chairman of the board, said in a statement. Read more...
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