NEW YORK (AP) — Shares of Meredith and Time are climbing Monday morning after news that Meredith, a magazine and broadcasting company, will buy the New York publisher.
Meredith Corp. announced Sunday night that it is buying Time Inc. for about $1.8 billion.
Iowa-based Meredith owns TV stations that reach 12 million U.S. households. Its women- and lifestyle-focused magazines and websites include Better Homes & Gardens, Family Circle and Allrecipes. Time has Time, Sports Illustrated, People, Fortune and Entertainment Weekly.
To get the deal done, Meredith got $650 million in financial backing from the private equity arm of Koch Industries, the energy conglomerate of the billionaire Koch brothers known for their advocacy for conservative causes. In a press release, Meredith says Koch won’t get a board seat or influence editorial operations.