Media firm backed by Koch brothers buys Time magazine

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Charles and David Koch are among the new owners of the recently sold Time Inc., the company that owns and publishes over 100 magazine brands, including Time Magazine.

$650 million of the Meredith Corporation's $3 billion purchase came from the Koch Brother's private equity.

"Meredith said in its press release that the Koch brothers will have no influence on how the company is run or its editorial content: "[Koch Equity Development] will not have a seat on the Meredith Board and will have no influence on Meredith's editorial or managerial operations.

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"We are creating a premier media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth", Meredith chairman and CEO Stephen M. Lacy said in a statement.

Combined, the companies posted $4.8bn in revenue a year ago. The publishing giant has a portfolio of 17 television stations in 12 markets, which reach an estimated 11% of US households TVs. It is unclear how much influence the Kochs would have on Time, which includes Time magazine, People, Sports Illustrated and Entertainment Weekly among its stable of publications. Like other media companies, Time is focusing on moving from a print focus to a multimedia approach.

The Des Moines, Iowa-based company said in the statement that the all-cash deal had been approved by both firms' boards of directors and is expected to close in the first quarter in 2018.

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Time chairman John Fahey said the sale was in the best interests of the company and its shareholders, noting the price represented a 46% premium to the closing price of shares on 15 November, the day prior to media reports about the deal.

Shares of Time Inc., not surprisingly, opened up 9.2% at $18.45 per share and hovered around there through morning trading.

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