The Guardian reports:
Meredith Corporation has announced that it is buying the Time Inc publishing group in a “transformative” $1.8bn deal that joins two huge magazine companies.
Meredith, which owns a portfolio including Better Homes & Gardens, Family Circle, allrecipes and Shape, will fund the deal with the help of the rightwing billionaire Koch brothers, who have contributed $650m of preferred equity.
Charles and David Koch head a $115bn energy and industrial group, Koch Industries, and are well-known supporters of libertarian causes.
Their involvement in the deal to buy the publisher of Time, Sports Illustrated, People, Fortune and Entertainment Weekly, has raised questions about whether their interest is political.
— US Rep Brendan Boyle (@RepBrendanBoyle) November 27, 2017
‘Their own media megaphone’: what do the Koch brothers want from Time? https://t.co/Ws3k3arcH4
— The Guardian (@guardian) November 27, 2017
Meredith wanted to buy Time Inc back in 2012, but didn’t want Time magazine. The difference now is the Koch brothers’ money. Even though they won’t have a seat on the board, hard to imagine they won’t influence the editorial side. https://t.co/GvlzoKC205
— Richard Stengel (@stengel) November 27, 2017
Great. The Koch brothers are about to be co-owners of TIME, Inc. How long til TIME, People and Sports Illustrated are pushing stories about how much better life would be if we canceled Social Security and Medicare?
— Joy Reid (@JoyAnnReid) November 27, 2017
— PEN America (@PENamerican) November 27, 2017