Koch-backed Meredith to acquire Time
The acquisition provides the billionaire Koch brothers with a stake in well-known media brands such as Time magazine
New York — Meredith Corporation on Monday agreed to acquire Time for about $1.8bn in cash, swallowing the once-mighty home of Fortune and Sports Illustrated, as the internet age wreaks havoc on even the most prestigious magazine titles. The $18.50-a-share offer will give Meredith, publisher of Better Homes & Gardens, a larger audience to compete with Facebook and Google in attracting advertisers. The acquisition also provides the billionaire Koch brothers, who agreed to support Meredith’s offer with an equity injection of $650m, a stake in well-known media brands like Time magazine. Koch Equity Development, the brothers’ investment arm, will not have a seat on Meredith’s board or have influence on its editorial or managerial operations, according to a statement from the acquirer. The Kochs’ involvement may raise new questions about political influence on the news media, especially an enduring journalistic outlet like Time magazine, founded in 1923 and originally run by Henry Luce. T...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.