Des Moines, Iowa Based Meredith Corporation has agreed to purchase Time Incorporated – the publisher of magazines like Time and Sports Illustrated. The deal was made possible by a hefty investment from the conservative brothers Charles and David Koch. Meredith has agreed to buy Time for $2.8 billion. This is the third time the Iowa-based company which owns magazines like Family Circle and Betters Homes and Gardens has attempted to make the purchase.
The private equity arm of the billionaire Koch brothers is putting in $650 million to help close the deal. They’re known to advance conservative issues and Koch Industries has financially supported NPR.
In a press release, Meredith Corporation says Koch Equity Development will not have a seat on the board and have no influence on the corporation’s editorial or managerial operations. After the deal, the company’s audience is estimated at 135 million people.