The Meredith Corporation - the owner of Better Homes & Gardens and Family Circle, among other publications and media -- is buying Time Inc. for nearly $3 billion.
Meredith said in press release the transaction is expected to close during the first quarter of 2018. Meredith is buying Time for $18.50 a share.
The Koch brothers’ Koch Equity Development (KED) has provided a $650 million equity commitment to help out with the deal. According to a statement, Meredith says KED “will not have a seat on the Meredith Board and will have no influence on Meredith’s editorial or managerial operations."