Time Inc., the publisher of the magazines Time, People and Sports Illustrated, will sell itself to the Meredith Corporation in a deal worth $2.8 billion, the companies said on Sunday. The deal is backed by $650 million in financing from Koch Equity Development, the private equity group owned by billionaire brothers and conservative mega-donors Charles and David Koch. It’s unclear why the Koch brothers have backed the acquisition, the third time Meredith has attempted to buy Time Inc. Prior negotiations collapsed in 2013 after the companies failed to decide which magazines Meredith would buy. But, as both The New York Times and Recode note, the Koch brothers are known for using their vast resources to advance conservative causes through political donations.

Source: Huffington Post November 27, 2017 00:45 UTC