U.S. media group Meredith has reached a deal to acquire Time, the U.S. publisher of Sports Illustrated and Fortune magazines, the company said Sunday evening.
Meredith said it had entered a binding agreement to acquire all outstanding shares of Time for $18.50 per share in an all-cash transaction valued at $2.8 billion. The transaction is expected to close during the first quarter of calendar 2018, the company said.
So what? Just follow the money:
Meredith's bid for Time is backed by an affiliate of billionaire brothers Charles and David Koch.
Koch Industries has been backing Meredith's bid with $600 million in financing, sources previously told Reuters.