27 Nov The Koch brothers are backing a deal to buy Time magazine
What are you buying for Cyber Monday? Whatever it is probably pales in comparison to the $1.84 billion purchase of Time Inc. by Meredith Corporation. Meredith, which currently publishes the likes of Better Homes & Gardens and Family Circle, has agreed to the all-cash offer to pick up Time Inc.’s publishing properties, including People, Entertainment Weekly, Sports Illustrated, Fortune, and, of course, Time magazines, reports Reuters.
What’s interesting, or alarming (depending on your point of view), about this deal is that the conservative billionaire brothers Charles and David Koch are contributing $650 million of their own money to help close the deal. In a statement Meredith says the Koch brothers will have no control over the editorial direction of any of its newly acquired magazines. However, we can’t help but wonder if maybe Donald Trump really will be Time’s Person of the Year now . . .
Source: Fast Company
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