Time Inc., which publishes the eponymous magazine, is selling for $2.8 billion to media conglomerate Meredith Corporation, backed by the billionaire Koch brothers, in an unlikely ending to a saga over the future of CNN’s parent company. Time revealed in October an aggressive plan to boost revenue that included focusing less on magazine journalism and more on digital activities.
The boards of both companies have approved the transaction, which is due to be finalised in the first semester of 2018, Meredith said. Among the funds financing the purchase are $650 million from Koch Equity Development, a fund belonging to Charles and David Koch.
