It was not clear how much influence, if any, the Kochs would wield over Meredith or Time if the deal is completed. They have sought to shape political discourse through support of nonprofit groups, universities and think tanks but have never owned their own media company

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Time announced Sunday night that it had sold itself to the Meredith, in a deal backed by Charles and David Koch, the billionaire brothers known for using their wealth and political connections to advance conservative causes.

Under the terms of the deal, Meredith will pay $18.50 a share for Time — the publisher of once-premier glossy titles including Time, Sports Illustrated and People — in an all-cash transaction valued at nearly $3 billion. The boards of Time and Meredith finalized the deal Sunday evening.

Meredith, which publishes popular monthly magazines like Family Circle and Better Homes and Gardens, has arranged for a $650 million cash infusion from the Koch brothers through their private equity arm, Koch Equity Development.

It was not clear how much influence, if any, the Kochs would wield over Meredith or Time. The brothers have long sought to shape political discourse through their support of nonprofit organizations, universities and think tanks, but they have never owned their own media company.

In a news release announcing the deal, Meredith said that Koch Equity Development would not have a seat on Meredith’s board of directors and would “have no influence on Meredith’s editorial or managerial operations.”

The investment from the Kochs, Meredith said, “underscores a strong belief in Meredith’s strength as a business operator, its strategies, and its ability to unlock significant value from the Time Inc. acquisition.”

Some Koch allies have suggested that the brothers would view their investment purely as a moneymaking opportunity. But others familiar with the Kochs’ thinking speculated that they intend to use the media properties — which reach millions of online and print readers — to promote their brand of conservatism. The investment would also give the Kochs a way to combine the arsenal of voter information held by a data-analytics company controlled by their network, i360, with the publishers’ consumer data.

Whatever the Kochs are planning, the sale of Time would almost certainly signify the beginning of the end for the celebrated magazine publisher that Henry Luce helped found in 1922.

It also underscores how inhospitable the environment has become for magazine companies, which have crumbled under the pressure of declines in print advertising and circulation. Rodale, the publisher of Men’s Health and Runner’s World, recently announced that it had sold itself to Hearst, which owns Cosmopolitan and Esquire.

Rolling Stone, once considered a counterculture bible, is exploring a sale.

For Meredith, the acquisition of Time would represent a long-elusive victory. A deal between the two publishers fell apart in 2013 after Meredith reportedly said it did not want to acquire some of Time’s best-known titles, including Time, Fortune and Sports Illustrated. Meredith also expressed interest in buying Time earlier this year before it walked away — in part because it could not secure sufficient financing. (Time subsequently said it had decided not to sell itself.)

Meredith is, in some ways, the opposite of Time. Its popular magazines are focused on families and women and are aimed more at Middle America than focused on politics, current events, business, sports and celebrity. Rather than an expensive headquarters in Manhattan, Meredith occupies a campus in Des Moines, Iowa. That, along with its diversified portfolio — the company also owns local television stations — has allowed Meredith to weather the economic storm fairly well.

Time ’s story has been less rosy. After Time Warner, the home of HBO and Warner Bros., spun off Time in 2014, the publisher was left to fend for itself in a world increasingly turning its back on print media.

Bedeviled by relentless cost cuts and executive turnover, the company has struggled to articulate a business strategy less focused on the printed page.

Rich Battista, who was named Time’s chief executive last year, and the new chief operating officer, Jen Wong, embarked on an aggressive strategy to increase digital revenue, including enhancing advertising technology capabilities and offering customers paid services, such as insurance for pets and a food and wine club.

The company had also earmarked $400 million in cost cuts.