Koch brothers reportedly lend Meredith Corp. a hand in Time Inc. bid
The third time could be the charm for Meredith Corp., publisher of Better Homes & Gardens, which is reportedly making another bid for Time Inc.
But this time it has some billionaires on its side, the Koch brothers, according to The New York Times. Charles and David Koch have offered Meredith an equity investment of more than $500 million to acquire the nation's largest magazine publisher, the Times reported, citing persons involved in the discussions.
Negotiations have been ongoing over the last several days, the Times says. While an agreement may not be reached, there is the potential for them to move quickly and announce a deal later this month, according to the report.
Meredith and Time Inc. declined comment on the report.
In April, Time Inc. announced it would not accept offers to sell from several bidders including Meredith. The Des Moines, Iowa-based Meredith, which also publishes Family Circle and Shape and owns 17 TV stations, also reportedly sought to merge four years ago with Time Inc.
Then in September, Time Inc., said it was interested in selling some of its assets including its Time U.K. unit and several U.S. magazines. Time Inc. also publishes Time magazine, Fortune, People and Sports Illustrated.
As with other print publishers, Time Inc. has faced declining print advertising and circulation revenues.
The publisher's third-quarter revenue, announced last week, declined 9% to $679 million and missed expectations of analysts polled by S&P Global Market Intelligence of $693 million.
In addition to the Kansas-based industrial conglomerate Koch Industries, the Koch brothers, Charles and David, have a conservative political network, which aims to advance the Republican agenda and President Trump's proposal to slash the corporate tax rate.
What influence, if any, the Koch brothers would have on magazines such as Time, should the deal go through is unknown, according to the Times.
More: Koch brothers' political network promises to raise and spend more money in 2018 races
More: Time looks to sell 'Golf,' 'Sunset,' 'Coastal Living,' and stake in 'Essence'
Follow Paste BN reporter Mike Snider on Twitter: @MikeSnider.