Meredith Corp. to buy Time Inc. for upward of $2.8 billion

Time Inc., the steward of some of the country’s most circulated and storied magazine brands, will be sold to the lifestyle-magazine publisher Meredith Corp., the companies announced Sunday. Meredith will pay $18.50 per share in the all-cash deal for a company that counts such titles as Time, Sports Illustrated and People in its portfolio, putting the price tag at about $1.85 billion. Of that sum, the conservative activists Charles and David Koch will contribute $650 million via their private-equity firm Koch Equity Development, putting an iconic magazine company in the hands of some of the country’s biggest Republican donors.

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