Published: Thu, November 16, 2017
Money | By Armando Alvarado

Meredith recruits Kochs in pursuit of Time

Meredith recruits Kochs in pursuit of Time

Time and Meredith both declined comment on the reports.

Talks between Meredith and Time came to nothing earlier this year, but with new backing from the Kochs, it is thought that a deal could be agreed imminently.

Time, which owns such publications as People and Sports Illustrated, has a total stock market value of $1.3 billion. In 2012, the billionaires spent nearly $400 million.

The billionaire Koch brothers are said to be investing $500 million into the deal in support of Meredith's offer. Time shares closed at $12.65 in NY trading Wednesday, valuing the publisher at $1.26 billion.

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The publisher of Family Circle, Better Homes and Gardens and other monthly titles, is in talks to buy Time Inc., according to a report late Wednesday. Meredith was valued at $2.42 billion.

Des Moines-based Meredith also owns 17 television stations, according to USA Today.

Charles Koch and David Koch are tied for 12th place on the Bloomberg Billionaires Index of the world's richest people, each with a net worth of about $47 billion.

Wichita-based Koch Industries operates oil refineries in several states.

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