With Koch brothers' help, reports say

Koch brothers back bid to buy Time Inc report

The publisher of Better Homes & Gardens, Martha Stewart Living, Shape and Parents was one of a handful of bidders who made competing offers for Time earlier this year, but the deal was scrapped.

Meredith Corp is in talks to purchase Time Inc, with the backing of billionaires Charles and David Koch, the New York Times reported on November 15.

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.

The shift in consumer attention to the internet has hit magazine publishers.

Shares of Time, Inc. Meredith's stock likewise went up as a result, to $59.70 a share-a 10 percent increase.

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"The only logical acquirer is Meredith", Standard & Poor's Global Ratings credit analyst Minesh Patel told WWD at the time.

Wichita-based Koch Industries operates oil refineries in several states.

The companies did not comment publicly about the reports, but the Journal said two unidentified Meredith executives denied that any talks were underway. The Des Moines-based company was founded in 1902 by Edwin Thomas Meredith, who began publishing Successful Farmer magazine that year.

A deal in 2013 between Time and Meredith collapsed.

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