WASHINGTON: Time Inc. is selling for $2.8 billion to media conglomerate Meredith Corp., backed by the billionaire Koch brothers, who are known for supporting conservative causes, in an unlikely ending to a saga over the future of CNN’s parent company.
Time, which also publishes its eponymous magazine, “Fortune” and “Sports Illustrated,” began looking for a buyer late last year before giving up several months later, while welcoming options.
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