While Time Inc. kept stumbling over the years, Meredith grew from strength to strength, even buying local TV stations to help it stand strong against the assault on print media launched by fast-growing digital brands that more suitably address the needs of modern media consumption. Meredith will pay $18.50 per share of the publicly traded Time Inc.
Rothschild & Co.'s renewed push in the U.S.is getting a boost from the Koch brothers.
Meredith is backed by $650 million from Koch Equity Development, the investment arm of Koch Industries.
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Media watchdogs have expressed concern over the potential influence of the Koch brothers on Time Inc.
The Kochs - who made their fortune in Koch Industries which invests in a number of manufacturing companies - run a massive political operation that includes funding for a number of libertarian and conservative thinks-tanks and grassroots organizers, such as Citizens for a Sound Economy Citizens for a Sound Economy, Americans for Prosperity, and the Cato Institute.
The brothers, who have never owned a media company, "would not have any operational control over the company", sources told The Times, but others warned that they would use the outlets to "promote their brand of conservatism". The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens. The deal is expected to close within the first quarter of 2018.
"The transaction is valued at $2.8 billion and that includes refinancing almost $900 million of Time Inc.'s net debt", Ceryanec said. It is unclear how much influence the Kochs would have on Time, which includes Time magazine, People, Sports Illustrated and Entertainment Weekly among its stable of publications.
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