By Patrick Brogan
Meredith Corporation has bought over Time Inc at the cost of $1.8 billion and the deal is expected to be finalised by the first few months of next year. Time Inc is responsible for the publishing of Time, People and Sports Illustrated amongst others. Meredith Corp has Better Homes and Gardens under its portfolio.
The Koch brothers, Charles and David are very influential in this deal, contributing $650 million to the take over. The combined companies will have a huge readership and influence in the media in the States and abroad. The Koch brothers have said they will not impinge upon editorial decisions or style, but their background suggests otherwise.
The family are well known for their political views and have spend millions to further Republican and libertarian causes. The estimates they spend on political funding goes into hundreds of millions of dollars. Added to this is their links to the energy industry, particularly fossil fuels. It will be interesting to see how such issues will be dealt with in the collective publications from now on.
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