Koch brothers’ backing for Time Inc. sale riles publishing industry
by Leigh Jones
Posted 11/27/17, 10:32 am
Media powerhouse Meredith Corp. announced Sunday it plans to buy Time Inc. for $1.8 billion. The sale created a stir in the publishing and news industries not just because of its magnitude but because of the company backing the deal. The private equity arm of Koch Industries, whose owners are known for advocating for conservative causes and financially supporting Republican political candidates, provided $650 million for the Time purchase. Executives with Meredith insist the Koch brothers will not get a seat on the board or have any form of editorial influence over the company’s publications. Meredith publishes lifestyle magazines like Better Homes & Gardens, Family Circle, and Allrecipes. The Time Inc. purchase will add Time, Sports Illustrated, People, Fortune, and Entertainment Weekly to Meredith’s catalog.
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Leigh lives in Houston with her husband and daughter. She is the news editor for The World and Everything in It and reports on education for WORLD Digital.