Koch Brothers Said to Back Time Inc. Deal Talks With Meredith | CNBC - Sydney Ember and Andrew Ross Sorkin, New York Times:
November 16, 2017 - "Time Inc. is said to be in talks to sell itself to the Meredith Corporation, in a deal backed by Charles G. and David H. Koch, the billionaire brothers known for supporting conservative causes.
"Talks between Time Inc., the publisher of Time and People, and Meredith, the publisher of Family Circle and Better Homes and Gardens, fizzled this year. The new round of negotiations, motivated by the surprise entry of the Kochs, could lead to a quick deal, according to people involved in the discussions.
"The Kochs have tentatively agreed to back Meredith's offer with an equity injection of more than $500 million, the people with knowledge of the talks said. A spokesman for the brothers' business, Koch Industries, declined to comment on Wednesday. Time Inc. also declined to comment....
"Although it is unclear whether the proposed deal will reach fruition, both sides hope to move quickly enough to be able to announce a transaction soon after Thanksgiving.....
"An obstacle that stalled negotiations earlier this year was Meredith's inability to secure sufficient financing from banks. With the addition of the Kochs, with their deep pockets and apparent desire to make themselves players on the media landscape, that problem could vanish.
"It is not clear how much influence — if any — the Kochs would have on a Meredith-owned Time Inc. if the deal were to go through....
"The latest talks between Meredith and Time Inc. show the Koch brothers' willingness to give their media ambitions another shot after they explored purchasing the Tribune Company in 2013.
"Koch Industries ... is the second-largest privately operated company in the United States ... with annual sales revenue of more than $100 billion. "Charles and David Koch have made hefty donations to various civic and arts organizations, including Lincoln Center, the American Museum of Natural History and the Metropolitan Museum of Art. Longtime libertarians, they are also prominent backers of conservative causes and candidates. In 1979, David Koch ran as the vice-presidential candidate on the 1980 Libertarian ticket (with Ed Clark at the top of the ticket).
"The brothers have continued to influence politics through a Koch-funded nonprofit conservative advocacy group founded in 2004, Americans for Prosperity. In the run-up to the 2016 presidential election, the group spent more than $720 million.".
Read more: https://www.cnbc.com/2017/11/16/koch-brothers-said-to-back-time-inc-deal-talks-with-meredith.html
November 16, 2017 - "Time Inc. is said to be in talks to sell itself to the Meredith Corporation, in a deal backed by Charles G. and David H. Koch, the billionaire brothers known for supporting conservative causes.
"Talks between Time Inc., the publisher of Time and People, and Meredith, the publisher of Family Circle and Better Homes and Gardens, fizzled this year. The new round of negotiations, motivated by the surprise entry of the Kochs, could lead to a quick deal, according to people involved in the discussions.
"The Kochs have tentatively agreed to back Meredith's offer with an equity injection of more than $500 million, the people with knowledge of the talks said. A spokesman for the brothers' business, Koch Industries, declined to comment on Wednesday. Time Inc. also declined to comment....
"Although it is unclear whether the proposed deal will reach fruition, both sides hope to move quickly enough to be able to announce a transaction soon after Thanksgiving.....
"An obstacle that stalled negotiations earlier this year was Meredith's inability to secure sufficient financing from banks. With the addition of the Kochs, with their deep pockets and apparent desire to make themselves players on the media landscape, that problem could vanish.
"It is not clear how much influence — if any — the Kochs would have on a Meredith-owned Time Inc. if the deal were to go through....
"The latest talks between Meredith and Time Inc. show the Koch brothers' willingness to give their media ambitions another shot after they explored purchasing the Tribune Company in 2013.
"Koch Industries ... is the second-largest privately operated company in the United States ... with annual sales revenue of more than $100 billion. "Charles and David Koch have made hefty donations to various civic and arts organizations, including Lincoln Center, the American Museum of Natural History and the Metropolitan Museum of Art. Longtime libertarians, they are also prominent backers of conservative causes and candidates. In 1979, David Koch ran as the vice-presidential candidate on the 1980 Libertarian ticket (with Ed Clark at the top of the ticket).
"The brothers have continued to influence politics through a Koch-funded nonprofit conservative advocacy group founded in 2004, Americans for Prosperity. In the run-up to the 2016 presidential election, the group spent more than $720 million.".
Read more: https://www.cnbc.com/2017/11/16/koch-brothers-said-to-back-time-inc-deal-talks-with-meredith.html
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