Conservative Kansas billionaires Charles G. and David H. Koch are involved in negotiations for the sale of Time Inc. to the Meredith Corp., according to published reports.
The New York Times cited unnamed sources to say the Koch brothers have tentatively agreed to provide more than $500 million in equity on Meredith’s behalf. Neither Koch Industries nor Time would comment.
The negotiations and the Koch brothers’ involvement were also reported by Bloomberg.
Both sides in the negotiation reportedly hope to announce a deal after Thanksgiving.
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Time, which also publishes People and Sports Illustrated, and Meredith, which publishes Family Circle and Better Homes and Gardens, have been in on-and-off negotiations since 2013.
“It is not clear how much influence — if any — the Kochs would have on a Meredith-owned Time Inc. if the deal were to go through,” The Times reported..
Des Moines-based Meredith also owns 17 television stations, according to USA Today.
Time Inc.’s third-quarter revenue declined 9 percent to $679 million. In May, the publisher announced its intention to sell some of its properties.
Wichita-based Koch Industries operates oil refineries in several states. Its political action committee, Americans for Prosperity, spent more than $720 million leading up to the 2016 election.