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Meredith to buy Time Inc in deal backed by Koch brothers

US$1.84 billion transaction, a coup for Meredith, is expected to close in the first three months of 2018

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Time Warner Inc spun off Time, which also publishes the eponymous current affairs magazine, as a standalone firm in June 2014. Since then, Time had struggled in an industry-wide decline in print media, as circulation shrank and advertisers shifted to digital platforms.

New York

US media company Meredith Corp said on Sunday it will buy Time Inc, the publisher of People, Sports Illustrated and Fortune magazines, in a US$1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch.

The deal is a coup for Meredith,

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