Koch brothers help Meredith buy Time magazine

Meredith Corporation is buying Time Inc 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. Time Inc. includes a variety of major magazine titles including Time, Sports Illustrated, Entertainment Weekly, People, Fortune, and many others.

The deal was unanimously approved by the boards of both companies.  Read more…

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