Koch Brothers Among New Owners of 'Time Magazine'

AP									SOURCE AP

AP SOURCE AP

The sale of Time Inc.to the Meredith Corporation went through Sunday night for approximately $3 billion, the New York Times reports.

"We are creating a premier media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth", Meredith chairman and CEO Stephen M. Lacy said in a statement.

Meredith Corp., a magazine publisher and broadcast company, will acquire Time Inc.in a deal totaling $2.8 billion, the company announced in a statement Sunday.

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That deal would come at about $2B, and (as reported) be backed by the conservative billionaire Koch brothers coming in with some $600M in financing.

Time Inc.is NY to its core. Together they hatched the idea of a fast-paced weekly that would capture an increasingly hectic and urbanized world.

"Get ready for next year's new Time Magazine feature "Person of the Last & Next Century" Ayn Rand", Boyle tweeted.

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An Iowa-based publishing powerhouse is buying another giant in the industry.

Meredith said the first two years after the acquisition are expected to generate cost synergies of $400 million to $500 million, which is probably not reassuring to Time Inc. employees considering its multiple layoff rounds this year. He soon began the still-thriving Better Homes and Gardens, which has a circulation of more than seven million.

Meredith largely focuses on women, with other titles like Shape and Parents magazines. On Friday, Time shares closed at $16.90. It has eschewed an expensive headquarters in Manhattan and maintained a diversified portfolio - the company also owns local television stations - that has allowed Meredith to better weather the economic storm that has faced print publishers. Bringing Time's brands to Meredith will bolster the company's roster of publications. CEO Rich Battista said in a statement.

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