Shares of beleaguered magazine publisher Time Inc. were up more than 9% in premarket trade on Monday after Meredith Corp. , which publishes “Better Homes & Gardens,” proposed a deal over the weekend to buy Time in an acquisition valued at $2.8 billion. Shares of Meredith Corp. were up more than 8% in premarket trade. The deal, which has financial backing from the Koch brothers, comes amid a shift at Time to focus more on video as the company’s print business continues to suffer. Time has said it plans to target more than $400 million in cost savings as it sells off assets and focuses on its core brands. Shares of Time Inc. are down more than 5% in the year to date, while Meredith Corp. shares are up more than 3%. By comparison, the S&P 500 index is up more than 16% and the Dow Jones Industrial Average is up more than 19% during the same time frame.
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