Koch brothers back Meredith bid to buy Time

17 November, 2017, 02:11 | Author: Sheri Evans
  • Koch brothers back Meredith bid to buy Time

Magazine publisher Meredith Corp. reportedly is again in talks to acquire Time Inc., this time with financial backing from the billionaire Koch brothers.

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

The Koch brothers have tentatively agreed to support Meredith's offer by investing more than $500-million (379.68 million pounds), the paper said, citing people involved in the matter. Like its competitors, Time is struggling to reinvent itself as print advertising dries up and the lion's share of digital advertising dollars goes to Facebook Inc. and Google.

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A merger could help both magazine publishers team up on ad sales.

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. That announcement came after Time Inc. had rejected a takeover bid from a group led by Edgar Bronfman Jr. and Ynon Kreiz that valued the company in the $18 to $20 a share range, or around $1.8 billion, and put an end to months of industry speculation.

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.

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

The two companies were in talks earlier this year, but couldn't agree to terms back in April. Meredith is based in Des Moines, Iowa, and also owns TV stations.

A deal in 2013 between Time and Meredith collapsed.

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