Time sold in deal backed by the Kochs

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"KED's non-controlling, preferred equity investment 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".

At a Monday town hall, a Time Inc. employee asked CEO Rich Battista if those working at brands like Time, Fortune and Sports Illustrated should be anxious about the future of the publications.

"Time Inc now engages over 230m consumers across digital and print every month through a portfolio of premium, iconic brands that are well positioned to continue to be powerful voices in media for many years to come". "They're going to do a pretty exhaustive review and at that time they're going to decide what makes sense for them going forward".

The Des Moines, Iowa-based company owns 17 TV stations reaching 12 million households stateside, and also the publications Better Homes & Gardens, Allrecipes, and Family Circle.

Time Inc., which publishes the eponymous magazine, is selling for $2.8 billion to media conglomerate Meredith Corporation, backed by the billionaire Koch brothers, in an unlikely ending to a saga over the future of CNN's parent company.

The boards of both companies have approved the transaction, which is due to be finalised in the first semester of 2018, Meredith said.

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Speaking to Telefoot , Anthony said: "I'm someone who does not like talking, I like to stay in my little bubble". That's a team that excites more. "I think second half they lacked that discipline".

Critics of the deal point out that the conservative billionaire Koch brothers helped finance the merger by loaning Meredith $650 million. With regard to the Koch brothers involvement Huey added: "There is no question that it's a media influence play".

But, they won't have a seat on the board and "will have no influence on Meredith's editorial or managerial operations" according to a spokesperson.

"I can't speculate on exactly what their decision making was", Battista responded.

The US company said the deal would also expand its reach with "internet-savvy millennials", creating a digital media business with 170m monthly unique visitors in the US.

He added that the brothers invest in businesses "all across the business landscape" and that beyond that, there's not much more he could say about it. "And such a great honor to work with all of you".