The boards of Time Inc. and the Meredith Corporation are reportedly meeting this evening to conclude a deal that would sell Time’s magazine behemoth for $19 to $20 per share.
Time Inc. publishes Time magazine, Sports Illustrated and People magazine. Meredith publishes Family Circle and Better Homes and Gardens. As part of the transaction, Meredith has reportedly arranged a $600 million cash infusion from a private equity firm, Koch Equity Development, run by Charles and David Koch.
The deal could be announced as early as Monday. The added titles could allow Meredith to spin-off its broadcasting arm into a standalone company. Meredith made an unsuccessful bid for Time Inc. in 2013.
Some observers reportedly worried that the Koch brothers may use the new media platforms to promote their particular brand of conservatism. One of the key elements of the deal would be to take the publishers consumer data and marry it with the voter data collected by the Kochs in their company i360.
Neither company has publicly responded to the rumored sale.