Time Magazine is set to be sold for 2.8 Billion in a Koch Brothers-backed deal. The bidder is Meredith Corp., an Iowa-based rival publisher and broadcaster.
The all-cash deal was made possible by a large $650m investment by billionaires Charles and David Koch, who are known for their conservative political lobbying. However, Meredith Corp. has announced that the Koch brothers won’t be given a seat on the board of Time Inc, nor will they be able to sway editorial policy.
The news comes just one week before Time announce its anticipated “person of the year” cover that features the person “for better or for worse… has done the most to influence the events of the year.” Last year’s recipient was Donald Trump, while previously covers included a strange mixture of Pope John Paul II, Mahatma Gandhi, Joseph Stalin and Adolf Hitler.
In other news, Kendall Jenner is now the world’s highest-paid model, overtaking Gisele Bündchen.
- Source: 'BBC'
- Main & Featured Image: 'Time'