NEW YORK (AP) — Shares of Meredith and Time are climbing Monday morning after news that Meredith, a magazine and broadcasting company, will buy the New York publisher.
Meredith Corp. announced Sunday night that it is buying Time Inc. for about $1.8 billion.
Iowa-based Meredith owns TV stations that reach 12 million U.S. households. Its women- and lifestyle-focused magazines and websites include Better Homes & Gardens, Family Circle and Allrecipes. Time has Time, Sports Illustrated, People, Fortune and Entertainment Weekly.
To get the deal done, Meredith got $650 million in financial backing from the private equity arm of Koch Industries, the energy conglomerate of the billionaire Koch brothers known for their advocacy for conservative causes. In a press release, Meredith says Koch won’t get a board seat or influence editorial operations.
This March 11, 2015, file photo shows the Meredith Corp. headquarters building in Des Moines, Iowa. Meredith Corp. said Sunday, Nov. 26, 2017, that it is buying Time Inc. for about $1.8 billion in a deal that joins two giant magazine companies. (AP Photo/Charlie Neibergall, File)
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