Meredith Corp., the publisher of Better Homes and Gardens, Shape and many other magazines targeted largely at women, is buying Time Inc., the publisher of Time, Sports Illustrated and Fortune, in a $2.8 billion all-cash deal, both companies said Sunday.
Meredith, based in Des Moines, Iowa, said the deal was being backed by conservative billionaire brothers Charles and David Koch. The company held unsuccessful talks to buy Time earlier this year and in 2013.
The Koch brothers’ private equity arm, Koch Equity Development, or KED, agreed to offer Meredith $650 million in preferred equity to fund the Time acquisition. KED is already a major stakeholder in Flint Group…
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