Charles and David Koch, the billionaire US industrialist brothers, are backing publisher and broadcaster Meredith Corp.'s revived bid to purchase Time Inc., according to a person familiar with the matter. Sales talks between the two companies collapsed earlier this year, but the Kochs' offer of a $500 million equity injection could reinvigorate new negotiations, the Times reported. Neither Koch Industries nor Time would comment. The brothers own Koch Industries, a Wichita, Kansas-based conglomerate with businesses from oil and ranching to farming and electrical component manufacturing. The firms hope to announce an agreement soon after Thanksgiving, according to the Times. The common-held wisdom was that the most likely suitor was Meredith Corp., the deeper pocketed Des Moines-based publisher of a stable of titles including Family Circle and Better Homes and Gardens.
Time was up over 25 percent in afternoon trading at $15.93, while Meredith was up over 9 percent at $59.45. Its political action committee, Americans for Prosperity, spent more than $720 million leading up to the 2016 election.