Third time may be the charm for media conglomerate Meredith, as the Family Circle and Better Homes and Gardens publisher is in talks to purchase Time, Inc. with the backing of billionaire conservative players Charles G. and David H. Koch, the New York Times is reporting.
Negotiations have reportedly been under way for several days, with both sides hoping to reach a deal that can be announced as soon as the end of November. According to the Times, the Koch brothers have agreed tentatively to back Meredith with more than $500 million in equity.
It’s the third attempt by Meredith to acquire Time Inc.; the two companies nearly reached a deal in 2013 before talks collapsed due to disagreements on which Time, Inc. magazines would be included in the purchase. The companies tried again earlier this year only to see talks once again peter out when Meredtih was unable to secure necessary financing and Time took itself off the market.
The discussion this time was instigated by Time, Inc., whose financial information is currently being examined by Meredith, according to the NYT.
Koch Industries is the second-largest privately operated company in the United States, according to Forbes, with annual sales in excess of $100 billion. The company operates numerous businesses primarily in energy but also finance, minerals, and fertilizers among others.
Meredith’s other magazine properties include Allrecipes and Every Day with Rachel Ray. The company also owns 15 television stations and four radio stations.
Meredith did not immediately respond to requests from TheWrap for comment. Time, inc. declined to comment on the report.