Time Inc share price up 25 per cent as reports say Koch brothers are joining Meredith takeover

Alys Key
Follow Alys
TIME Person Of The Year Panel
Time Inc could be sold swiftly with the backing of the Kochs (Source: Getty)

Shares in magazine publisher Time Inc are up more than 25 per cent today after two billionaire brothers joined talks to buy the company.

Charles G. and David H. Koch, known for their donations to the Republican Party, have joined publisher Meredith in a renewed push to buy Time, according to the New York Times.

Talks between Meredith and Time came to nothing earlier this year, but with new backing from the Kochs, it is thought that a deal could be agreed imminently.

Read more: RIP Glamour magazine - the women's beauty bible is going digital

This marks Meredith's third attempt to buy the publisher. A previous attempt failed because the company was unable to get the necessary funding from banks, but the Kochs could now provide the financing for the deal to go ahead.

Sharp falls in sales of magazines and newspapers have weighed on Time's business in recent years, though a tight control on costs has helped it to beat market expectations this year.

It has also considered selling off its UK division, includes Wallpaper and NME. In the US its titles include People and InStyle, but it has also picked up a number of online-only and social media-focused brands more recently, such as beauty content producer The Pretty.

Read more: Read that social media swings elections? That’s probably just fake news

Related articles