Report: Koch Brothers Backing Time Magazine Bid

(RTTNews) - Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.

WSJ has reported that the bid would be for $17 to $20 per share, that would worth Time about $2 billion.

According to reports Koch brothers might be offering $500 million for the deal. The talks may lead to a solid transaction after Thanksgiving. Koch brothers have a family fortune of more than $80 billion and they might be aiming for a media empire through the acquisition. Earlier in April, Meredith had a talk with Time Inc. but failed to reach a deal.

The shares of Time Inc. have been on a surge since Thursday after the news on deal backed by Koch brothers. The shares have been trading above $16 since the New York times report about a probable deal and touched $16.40 in the morning hours on Friday.