Time Inc. to be acquired by company backed by Koch brothers

The Hill reports:

Meredith Corp., a publisher backed by GOP mega-donors Charles and David Koch, announced on Sunday it was buying Time Inc. for $1.8 billion, according to multiple reports.

The publisher said it would acquire Time's outstanding shares for $18.50 per share, Reuters reported.

The two companies said the deal had been unanimously approved by their respective boards and would close sometime early next year, according to the Associated Press.

“We are adding the rich content-creation capabilities of some of the media industry’s strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults,” Meredith CEO Stephen Lacy said in a statement, according to Reuters.

The Koch brothers finally figured out the best way to change the climate of opinion is... buying media outlets.