Reuters/Brendan McDermid
- Time Inc. is said to be in talks with Meredith Corp. to sell itself.
- The potential deal is reportedly backed by billionaire brothers Charles and David Koch.
- The Koch brothers have tentatively agreed to support Meredith’s offer by investing more than $ 500 million, according to a New York Times report.
(Reuters) – Time Inc. is in talks with Meredith Corp again to sell itself in a potential deal backed by billionaire brothers Charles Koch and David Koch, the New York Times reported.
The new round of negotiations, helped by the surprise entry of the Kochs, could lead to a quick deal, the paper said.
The Koch brothers have tentatively agreed to support Meredith’s offer by investing more than $ 500 million, the paper said, citing people involved in the matter.
The companies and Koch brothers were not immediately available for comment outside regular business hours.
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.
(Reporting by Bhanu Pratap in Bengaluru; Editing by Gopakumar Warrier)
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