Koch Brothers Back Meredith Bid to Buy Time Inc

17 November, 2017, 02:09 | Author: Martin Tyler
  • NATION-NOW     Koch brothers reportedly lend Meredith Corp. a hand in Time Inc. bid     
       Koch brothers assist Meredith in Time bid report

(NYSE:TIME) have soared today, up by 23% as of 12:30 p.m. EST, after The New York Times reported that the company may be looking to sell itself to Meredith Corporation (NYSE:MDP).

"The only logical acquirer is Meredith", Standard & Poor's Global Ratings credit analyst Minesh Patel told WWD at the time.

Time Inc.'s third-quarter revenue declined 9 percent to $679.

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The negotiations and the Koch brothers' involvement were also reported by Bloomberg.

The billionaire Koch brothers are said to be investing $500 million into the deal in support of Meredith's offer. Time shares closed at $12.65 in NY trading Wednesday, valuing the publisher at $1.26 billion.

The Wall Street Journal reported Thursday that Meredith had submitted a bid of $17 to $20 per share, which would value Time at nearly $2 billion.

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Wichita-based Koch Industries operates oil refineries in several states.

Deal talks between Time, the publisher of Time and People magazines, and Meredith, the publisher of Better Homes & Gardens and Family Circle magazines, had collapsed in April. The company's magazines include Time, Sports Illustrated and Fortune. Meredith is based in Des Moines, Iowa, and also owns TV stations.

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