Meredith Corp. is nearing a deal to buy Time Inc. in a magazine-industry consolidation that could be valued at more than $1.8 billion, the Wall Street Journal reported Sunday. The Journal reported that Iowa-based Meredith has agreed to pay $18 to $19 a share — at least a 42% premium from Time’s stock at the time acquisition talks were first reported on Nov. 15. On Friday, Time shares closed at $16.90. The bid by Meredith, which publishes Better Homes and Gardens and Martha Stewart Living, among others, is reportedly backed by the billionaire Koch brothers. It is unclear how much influence the Kochs would have on Time, which includes Time magazine, People, Sports Illustrated and Entertainment Weekly among its stable of publications.
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