The Kochs Are Inching Closer to Becoming Media Moguls

[Valin]

NY Times

SYDNEY EMBER and KENNETH P. VOGEL

NOV. 17, 2017

 

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In a move that came to light on Wednesday, the Kochs have tentatively agreed to back an offer by the magazine publisher Meredith Corporation for Time Inc., the owner of titles including Time, People and Sports Illustrated. Koch Industries, the sprawling industrial conglomerate controlled by the two brothers, plans to support the deal.

Meredith and Time Inc. have discussed the details of a potential transaction over the last week and are hoping to announce a deal, should it occur, on the Monday after Thanksgiving. Under the preliminary terms of Meredith’s proposal, the company would pay $18 to $20 a share for Time Inc., people involved in the talks said.

Meredith, the Iowa-based company behind popular monthly magazines like Family Circle and Better Homes and Gardens, has arranged for a $600 million cash infusion from the Koch brothers through their private equity arm, Koch Equity Development, these people said. Under the terms of the proposal, Koch would receive preferred shares in the company.

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H/T Power Line