Meredith buys Time in deal backed by Koch brothers

Nov 27, 2017, 6:05 AM EST
(Source: Christian Heindel/flickr)
(Source: Christian Heindel/flickr)

Media company Meredith Corporation announced on Monday that it is buying rival U.S. magazine publisher Time Inc. for $2.8bn in a deal that has secured $650m from the billionaire brothers Charles and David Koch, known for their “political activism.”

Dwindling advertising revenues have troubled Time since it spun off from Time Warner in 2014, writes the BBC.

Koch-brothers’ involvement in the deal spurred speculations that they could wield political influence; however the firm shrugged off the concerns saying that it will neither have a seat in the board nor will it have any editorial interference, notes The Guardian.