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David Koch

Meredith buying Time Inc. for about $1.8 billion

Magazine and broadcasting company Meredith is buying magazine publisher Time for about $1.8 billion, with help from the billionaire Koch brothers, to bulk up on readers as the publishing industry navigates the difficult transition to digital from print.

Iowa-based Meredith Corp. owns 17 TV stations that reach 12 million U.S. households. Its women- and lifestyle-focused magazines and websites include Better Homes & Gardens, Family Circle and Allrecipes. Time Inc., based in New York, has publications including Time, Sports Illustrated, People, Fortune and Entertainment Weekly.

Including Time's debt, Meredith values the deal at $2.8 billion.

To get the deal done,...

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