Des Moines-based Meredith announces deal to buy Time Inc

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"We are creating a premier media company serving almost 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth", Meredith chairman and CEO Stephen M. Lacy said in a statement. However, acquiring Time Inc with the help of the Koch brothers will give their media group access to a total readership of over 130 million and a subscription circulation of close to 60 million, per Reuters.

Like its competitors, New York-based Time struggled to reinvent itself as print advertising dries up and the lion's share of digital advertising dollars goes to Facebook and Alphabet's Google.

Meredith's brands include Better Homes & Gardens, Allrecipes, Parents and Shape.

In addition to Time Magazine, publications Time Inc. owns include Sports Illustrated, People, and Fortune.

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The other Time brands have also attempted to delve into video and digital, but like SI, haven't been caught on. Meredith had previously tried to buy Time earlier this year and in 2013, but talks were broken off.

"I am proud of our accomplishments and thank the talented teams across the company for their extraordinary work, relentless commitment, and passion", Time Inc. "Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector", Time Inc. CEO Rich Battista said in a statement.

The Paris-based investment bank has been hired at least three times in the past two years to represent a firm owned by billionaires Charles and David Koch, including Sunday's agreement to back Meredith Corp.'s $1.8 billion cash bid for Time Inc.

Despite the deal being backed by Koch Equity Development, the Koch family won't a have a board seat or otherwise influence the company's operation - meaning they won't have any managerial or editorial input.