Koch Brothers Among New Owners of 'Time Magazine'

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Time Inc was spun off from media and entertainment giant Time Warner, which was seeking to shed its journalism assets.

Meredith's brands include Better Homes & Gardens, Allrecipes, Parents and Shape. "We look forward to completing the transaction; welcoming the Time Inc. employees to Meredith; delivering on our pledge to achieve identified synergies; and growing shareholder value".

Conservative billionaire brothers Charles and David Koch are kicking in $600 million for the purchase, according to the New York Times, although neither Meredith nor Time acknowledged the contribution in their press releases. The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in 2013.

Time, which also publishes Fortune and Sports Illustrated, began looking for a buyer late past year before giving up several months later, while welcoming options.

"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", said Meredith Corporation Chairman and CEO Stephen M. Lacy in a statement.

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The transaction will create a company with combined revenues of $4.8 billion for 2016, including $2.7 billion of total advertising revenues with almost $700 million of digital advertising revenues.

"I am proud of our accomplishments", Battista said in a statement of the company, which was founded 95 years ago this week in NY. Like other media companies, Time is focusing on moving from a print focus to a multimedia approach. Advertising revenue and circulation have been falling as readers move to Internet content.

Time chairman John Fahey said the sale was in the best interests of the company and its shareholders, noting the price represented a 46% premium to the closing price of shares on 15 November, the day prior to media reports about the deal.

The US$18.50-a-share offer is an all-cash one, Meredith said in a statement on Sunday.

"Get ready for next year's new Time Magazine feature "Person of the Last & Next Century" Ayn Rand", Boyle tweeted. "Thanks anyway!" he wrote on Twitter.

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