Meredith, in Deal Backed by Koch Brothers, to Buy Time Inc.

The Meredith Corporation media group announced Sunday that it is acquiring Time Inc. in a $2.8 billion all-cash deal, CNBC reported. The company said it will acquire all outstanding Time Inc. shares for $18.50 each. Meredith had unsuccessfully attempted to buy Time Inc. earlier this year and in 2013. The bid is supported by an affiliate of billionaire brothers Charles and David Koch, who are known for pushing their conservative political views and positions on economics. However, Meredith said the brothers will have no editorial input or board seat in the combined company.