The right wing billionaires are believed to be backing Meredith’s bid for the renowned media group but it is not the most obvious move for the brothers. The Koch brothers don’t usually court media attention so why are the rightwing billionaire businessmen suddenly so interested in Time Inc, the legendary publisher behind Time and People?
Charles and David Koch are reported to be putting $550m behind Meredith Corp’s revived bid to purchase Time, the media group established by storied magazine magnate Henry Luce. The reason for the Kochs’ interest in publishing is not immediately apparent. Time Inc is in the midst of a radical reshaping of its properties, which also include Fortune and Sports Illustrated, as it looks to transform as a digital-platform publisher.
Des Moines-based Meredith, publisher of Better Homes & Gardens, Martha Stewart Living, Shape and Parents, has been rebuffed three times in its effort to acquire Time Inc, since 2013.