After it was reported that the Koch brothers had contributed hundreds of millions of dollars to the purchase of Time Inc., it didn’t take long for liberals to criticize the deal and the brothers’ involvement.
On Sunday, multiple outlets reported that the Meredith Corporation, a media company that puts out such publications as Family Circle, Better Homes and Gardens and AllRecipes, was purchasing Time Inc. with the backing of conservative mega-donors Charles and David Koch.
The all-cash transaction was reportedly valued at about $2.8 billion, which included $650 million from the private equity arm of the Koch brothers.
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In addition to Time magazine, Meredith will now control publications like Fortune, Sports Illustrated and People.
The deal was approved by the two companies’ respective boards and is expected to be finalized early next year.
But on Twitter, many liberals lost their minds over the deal and claimed that the Koch brothers were planning a hostile takeover of the media.
However, Meredith said in a statement that the Koch brothers “will have no influence on Meredith’s editorial or managerial operations.” The brothers will not have seats on the board, CNN reported.
Despite outrage from some, Meredith CEO Stephen Lacy said the deal would pave the way for a strong national brand in the media.
“We are adding the rich content-creation capabilities of some of the media industry’s strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults,” Lacy said, according to Reuters.
Meredith Corp. President Tom Harty called the deal “transformative.”
“When you combine our strong local television business … with the trusted, premium multi-platform content creation of Meredith and Time Inc., it creates a powerful media company serving consumers and advertisers alike,” Harty said.
Time Inc. and Meredith Corp. reportedly discussed the sale earlier this year, but the two companies weren’t able to come to an agreement in April.
Koch Industries currently ranks as the second-largest privately held company in the U.S., with over $115 billion in annual revenue in various sectors, according to The Hill.
Although the Koch Brothers didn’t back then-Republican nominee Donald Trump in the 2016 presidential election, the brothers have reportedly improved relations with the administration after meetings with Vice President Mike Pence.
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