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A media company backed by the conservative billionaire brothers will acquire Time, Fortune, People, and Sports Illustrated magazines Critics of media consolidation and the fossil fuel industry are decrying an announcement that the media company Meredith Corp., with a 0 million boost from conservative billionaires David and Charles Koch, will buy Time Inc.—which owns Time, Fortune, People, and Sports Illustrated magazines—for an estimated .8 billion. In a statement announcing the all-cash deal, Meredith Corp. insisted that Koch Equity Development—a subsidiary of Koch Industries, the billionaire brothers' company that's largely been built through investments in oil, natural gas, and chemicals—"will not have a seat on the Meredith Board and will have no influence on Meredith's
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A media company backed by the conservative billionaire brothers will acquire Time, Fortune, People, and Sports Illustrated magazines Critics of media consolidation and the fossil fuel industry are decrying an announcement that the media company Meredith Corp., with a 0 million boost from conservative billionaires David and Charles Koch, will buy Time Inc.—which owns Time, Fortune, People, and Sports Illustrated magazines—for an estimated .8 billion. In a statement announcing the all-cash deal, Meredith Corp. insisted that Koch Equity Development—a subsidiary of Koch Industries, the billionaire brothers' company that's largely been built through investments in oil, natural gas, and chemicals—"will not have a seat on the Meredith Board and will have no influence on Meredith's
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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A media company backed by the conservative billionaire brothers will acquire Time, Fortune, People, and Sports Illustrated magazines
Critics of media consolidation and the fossil fuel industry are decrying an announcement that the media company Meredith Corp., with a $650 million boost from conservative billionaires David and Charles Koch, will buy Time Inc.—which owns Time, Fortune, People, and Sports Illustrated magazines—for an estimated $2.8 billion.
In a statement announcing the all-cash deal, Meredith Corp. insisted that Koch Equity Development—a subsidiary of Koch Industries, the billionaire brothers' company that's largely been built through investments in oil, natural gas, and chemicals—"will not have a seat on the Meredith Board and will have no influence on Meredith's editorial or managerial operations."
"But not everyone believes the spin," as Andy Rowell writes for Oil Change International. The Kochs are "some of the biggest funders of groups promoting climate denial and libertarian causes for the last two decades," he notes. "Alarm bells should start ringing."
Common Dreams