With Koch brothers' help, reports say

17 November, 2017, 01:22 | Author: Terri Saunders
  • With Koch brothers' help, reports say

Charles G. and David H. Koch, known for their donations to the Republican Party, have joined publisher Meredith in a renewed push to buy Time, according to the New York Times.

The New York Times cited unnamed sources to say the Koch brothers have tentatively agreed to provide more than $500 million in equity on Meredith's behalf. Meredith had offered as much as $2 billion at the time before lowering its bid, people familiar with the matter said at the time.

Spokesmen for Koch Industries, Meredith and Time declined to comment. The brothers own Koch Industries, a Wichita, Kansas-based conglomerate with businesses from oil and ranching to farming and electrical component manufacturing. The Times said a deal may be announced after Thanksgiving.

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Time, which also publishes People and Sports Illustrated, and Meredith, which publishes Family Circle and Better Homes and Gardens, have been in on-and-off negotiations since 2013.

Time was up over 25 percent in afternoon trading at $15.93, while Meredith was up over 9 percent at $59.45.

The political network overseen by Koch brothers set a spending goal of $889 million on the 2016 election.

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