LIVE: Officials hold new conference to discuss Wisconsin’s drug epidemic

Meredith buying Time Inc. for about $1.8 billion

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Time Inc.

NEW YORK — Shares of Meredith and Time are climbing Monday morning after news that Meredith, a magazine and broadcasting company, will buy the New York publisher.

Meredith Corp. announced Sunday night that it is buying Time Inc. for about $1.8 billion.

Iowa-based Meredith owns 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 has Time, Sports Illustrated, People, Fortune and Entertainment Weekly.

To get the deal done, Meredith got $650 million in financial backing from the private equity arm of Koch Industries, the energy conglomerate of the billionaire Koch brothers known for their advocacy for conservative causes. In a press release, Meredith says Koch won’t get a board seat or influence editorial operations.