Koch brothers back bid to buy Time Inc

17 November, 2017, 02:11 | Author: Lora Ball
  • Koch brothers back Meredith bid to buy Time: report

The billionaire Koch brothers helped to reignite talks between Time Inc. and Meredith with a pledge of $500 million to back the offer of the Better Homes and Gardens publisher, The New York Times reported.

"The only logical acquirer is Meredith", Standard & Poor's Global Ratings credit analyst Minesh Patel told WWD at the time.

The companies and Koch brothers were not immediately available for comment outside regular business hours.

The Wall Street Journal reported Thursday that Meredith had submitted a bid of $17 to $20 per share, which would value Time at nearly $2 billion.

The shift in consumer attention to the internet has hit magazine publishers.

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Time Inc.is considering selling itself to fellow publisher Meredith Corp., according to media reports.

T-Mobile US shares rose after Reuters reported that the carrier will roll out its fifth-generation network across the U.S.by 2020 and propose a "significant" share buyback.

The two publishers have engaged in two known previous rounds of talks.

In May this year, the owner of Sports Illustrated and People announced plans to sell some magazines or other properties as it tries to push ahead with a digital strategy. Meredith is based in Des Moines, Iowa, and also owns TV stations.

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