Report: Koch brothers behind bid for Time Inc. [CBS News]
Meredith Corporation (MDP)
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Source: CBS News
Time Inc. is considering a sale to fellow publisher Meredith Corp., according to media reports. The New York Times initially reported that the New York-based publisher of Time and People is involved in a new round of negotiations with Meredith, the publisher of Family Circle and Better Homes and Gardens. The report, based on anonymous sources, also says that billionaire brothers Charles G. and David H. Koch are backing Meredith's offer with more than $500 million in equity. Meredith is based in Des Moines, Iowa. The negotiations come after talks earlier this year produced no deal. Another deal in 2013 between the publishers also collapsed. In morning trading, Time Inc. ( TIME ) shares rallied more than 26 percent to $15.96. Meredith ( MDP ) shares added 5.6 percent, to $57.28. © 2017 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this rep
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