Meredith Announces Deal to Buy Time Inc.

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DES MOINES, Iowa  —  Meredith has announced a deal to purchase Time Inc.

The media company will buy the publisher of Time, Sports Illustrated, and Fortune magazines for $2.8 billion. The all-cash deal is being backed by billionaire brothers Charles and David Koch. The pair are considered conservative political powerhouses, but Meredith says they won’t have a role in editorial or management.

Meredith held unsuccessful talks to buy Time earlier this year and in 2013.