Rothschild's Koch Connection Pays Off in Pursuit of Time Inc

Time Inc. bought by Meredith Corporation for $2.8B in Koch-backed sale

Time chairman John Fahey said the sale was in the best interests of the company and its shareholders, noting the price represented a 46% premium to the closing price of shares on 15 November, the day prior to media reports about the deal. Meredith approached Time again earlier this year, but those discussions also stalled when Meredith reportedly failed to secure enough bank financing for the acquisition.

"This is a transformative transaction for Meredith Corporation, and follows a fiscal 2017 in which we posted the highest revenues, profit and earnings per share in our 115-year history", said Meredith President and Chief Operating Officer Tom Harty.

The Paris-based investment bank has been hired at least three times in the past two years to represent a firm owned by billionaires Charles and David Koch, including Sunday's agreement to back Meredith Corp.'s $1.8 billion cash bid for Time Inc.

If the deal goes through, it would finally mark success for Meredith in its third run at acquiring Time.

As it turns out, the Koch brothers are contributing more than that. "We are also creating a powerful digital media business with 170 million monthly unique visitors in the USA and over 10 billion annual video views, enhancing Meredith's leadership position in reaching millennials".

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The Koch brothers have spent decades building a network of wealthy political donors who pledge money to conservative causes and their advocacy groups.

Koch Equity Development will not have a seat on the board nor influence editorial operations, the company said.

The deal gives Meredith, publisher of Better Homes & Gardens, a larger audience at a time when publishers need to get bigger to compete with Facebook and Google in advertising.

The magazines now published by Meredith are not highly circulated, as their current line-up includes niche publications such as Better Homes and Gardens, Every Day with Rachael Ray, and Traditional Home. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%.

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