Time Inc. Stock Jumps After Sale Reports

Time Inc. Stock Jumps After Sale Reports

Shares of telecommunications companies rose after magazine publisher Meredith said it has lined up financing commitments from several banks and the billionaire Koch brothers in pursuit of a takeover of rival Time, The Wall Street Journal reported.

"The only logical acquirer is Meredith", Standard & Poor's Global Ratings credit analyst Minesh Patel told WWD at the time.

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.

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Time Inc.is considering selling itself to fellow publisher Meredith Corp., according to media reports. Meredith's stock likewise went up as a result, to $59.70 a share-a 10 percent increase. The brothers own Koch Industries, a Wichita, Kansas-based conglomerate with businesses from oil and ranching to farming and electrical component manufacturing.

Deal talks between Time, the publisher of Time and People magazines, and Meredith, the publisher of Better Homes & Gardens and Family Circle magazines, had collapsed in April. Meredith is based in Des Moines, Iowa, and also owns TV stations.

Jack Griffin, who served as Time's chief executive officer until his ouster in 2011, was a former executive at Meredith.

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