Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc.
In a $1.84 billion deal, Meredith Corp is reportedly buying Time Inc in a cash agreement bankrolled by the famous - or, to some, infamous - conservative billionaires Koch brothers. It was one of a handful of bidders that made competing offers for Time earlier this year, but the deal was scrapped. (NYSE:TIME) that could be announced this week, Reuters reports.
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As it turns out, the Koch brothers are contributing more than that. Helping to finance the purchase are billionaire brothers Charles and David Koch who are also known for their involvement in conservative politics and the Republican Party. "Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector", Time Inc. The siblings fund a non-profit advocacy group called Americans for Prosperity to back conservative candidates and positions and though the Koch brothers were critical of President Donald Trump's campaign tactics, they have recently become closer with the administration to support its tax reform efforts.
Rothschild also worked with Solera Holdings Inc.in a deal a year ago in which the Koch company provided $800 million of preferred equity. It also runs 17 local news stations in 12 markets.
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Meredith will pay $18.50 per share in cash for Time's almost 100 million outstanding shares. It will give news, business and sports brands to the Des Moines, Iowa-based publisher and broadcaster, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle. Bringing Time's brands to Meredith will bolster the company's roster of publications.
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