Meredith to buy Time Inc. for $1.85 billion

Corp. headquarters building in Des Moines Iowa

Reuters reports that the deal will be worth $1.84 billion. On Friday, Time shares closed at $16.90. Meredith said they will have no influence in the combined company.

While Time Inc. kept stumbling over the years, Meredith grew from strength to strength, even buying local TV stations to help it stand strong against the assault on print media launched by fast-growing digital brands that more suitably address the needs of modern media consumption. Meredith approached Time again earlier this year, but those discussions also stalled when Meredith reportedly failed to secure enough bank financing for the acquisition.

Meredith Corp. has agreed to a deal to buy Time Inc.in a magazine-industry consolidation valued at $1.85 billion, the Wall Street Journal reported Sunday.

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

"Meredith said in its press release that the Koch brothers will have no influence on how the company is run or its editorial content: "[Koch Equity Development] will not have a seat on the Meredith Board and will have no influence on Meredith's editorial or managerial operations.

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However, in an attempt to quell the conflict of interest concerns, Meredith has stated the two libertarian brothers will have zero impact on the editorial decisions of the publications. The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens.

The magazines now published by Meredith are not highly circulated, as their current line-up includes niche publications such as Better Homes and Gardens, Every Day with Rachael Ray, and Traditional Home.

"The transaction is valued at $2.8 billion and that includes refinancing almost $900 million of Time Inc.'s net debt", Ceryanec said.

Time Inc. was bought by Meredith Corporation for $2.8 billion.

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