Koch brothers support Meredith bid for Time

16 Nov 2017

Charles and David Koch, the billionaire US industrialist brothers, have extended support to broadcaster Meredith Corp's revived bid to purchase Time Inc, according to a person familiar with the matter, Bloomberg reported.

The Kochs have tentatively agreed to support Meredith's offer with an equity injection of over $500 million, according to the person, confirming an earlier New York Times report. The person asked not to be named as the matter is private.

According to commentators, both publishers may see their ad sales grow if they team up. They point out that with print advertising drying up Time is struggling to reinvent itself while the lion's share of digital advertising dollars goes to Facebook Inc and Google. The magazine owner has spent months restructuring its business and replacing senior management, as it looks to win advertising support for it publications which include iconic titles like Fortune, Sports Illustrated and People.

They add, the Koch tie-up is likely to raise new questions about political influence on the news media, especially, a magazine like Time. Time was founded in 1923 and originally run by Henry Luce. The billionaire brothers have, over the decades, built a network of affluent political donors who support conservative causes and their advocacy groups.