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VOL. 41 | NO. 45 | Friday, November 10, 2017
Report: Time Inc. in merger talks with Meredith
NEW YORK (AP) — Time Inc. is considering a sale to fellow publisher Meredith Corp., according to media reports.
The New York Times initially reported that the New York-based publisher of Time and People is involved in a new round of negotiations with Meredith, the publisher of Family Circle and Better Homes and Gardens. Meredith also owns WSMV-TV in Nashville.
The report, based on anonymous sources, also says that billionaire brothers Charles G. and David H. Koch are backing Meredith's offer with more than $500 million in equity. Meredith is based in Des Moines, Iowa.
The negotiations come after talks earlier this year produced no deal. Another deal in 2013 between the publishers also collapsed.
In morning trading, Time shares rallied more than 26 percent to $15.96. Meredith shares added 5.6 percent, to $57.28.