Meredith May Buy Time Inc. with $600 Million in Backing from Koch Brothers
With $600 million in backing from the Koch brothers, Meredith Corporation is making a third bid to acquire Time Inc., reports The New York Times. Meredith, publisher of Eating Well, Allrecipes, Family Circle and Shape magazines, tried to buy Time Inc. earlier this year, but couldn’t arrange the needed financing for an acquisition. The Koch brothers’ infusion of cash, and $3 billion in financing from Citibank, Barclays, Credit Suisse and Royal Bank of Canada could help seal the deal as early as next week, says The Times. The deal would likely include all of Time Inc.’s properties, though the status of some pending sales of Time Inc. magazines is not clear.
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