With Koch brothers' help, reports say

With Koch brothers' help, reports say

Charles G. and David H. Koch, known for their donations to the Republican Party, have joined publisher Meredith in a renewed push to buy Time, according to the New York Times.

This would be the third time Meredith has attempted to acquire Time since 2013.

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.

The negotiations and the Koch brothers' involvement were also reported by Bloomberg.

The companies and Koch brothers were not immediately available for comment outside regular business hours.

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A merger could help both magazine publishers team up on ad sales.

The Wall Street Journal reported Thursday that Meredith had submitted a bid of $17 to $20 per share, which would value Time at nearly $2 billion. Meredith's stock likewise went up as a result, to $59.70 a share-a 10 percent increase.

Wichita-based Koch Industries operates oil refineries in several states. The Des Moines-based company was founded in 1902 by Edwin Thomas Meredith, who began publishing Successful Farmer magazine that year.

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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