Meredith Corporation, backed by the Koch Brothers, purchased Time Magazine. Expect significant changes in news coverage and editorial direction. The magazine has been consistently conservative leaning, but has not been pro-Trump.
There’s been much comment on why Meredith is partnering with Koch Equity Development to fund the deal. The politically active billionaire Koch brothers, prominent in the conservative movement, are investing $650 million as part of the transaction.
John Huey, a former editor-in-chief of Time Inc., and a longtime editor of Fortune, described the acquisition as a “sad end” to a company that not long ago was “the most powerful and most profitable and most influential publishing company in the country.” With regard to the Koch brothers involvement Huey added: “There is no question that it’s a media influence play.”
Huey described watching the drawn-out sale process — which at one point included interest from the owner of the National Enquirer — as akin to “the end stages of cancer.” Huey added that he believes Meredith knows how to run a magazine business, but said that “people with a political agenda clearly have their eye on the two most influential of the magazines,” Time and Fortune.