If what’s in the press gets uncomfortable, there is an option. Buy the presses.
Meredith Corp., the Iowa-based media company, will purchase Time Inc. for $18.50 per share in an all-cash transaction valued at $2.8 billion, according to a statement. Roughly one quarter of the deal value ($650 million) is being financed by Koch Equity Development (KED), the investment arm of Koch Industries, run by Republican mega-donors Charles and David Koch.
Backing from the Koch brothers will likely prompt questions about the editorial independence of Time Inc.’s news properties, like Time Magazine and Fortune.
A conservative buyout of Time comes on top of attempts to force AT&T to divest itself of CNN.
The US Department of Justice has informed AT&T and Time Warner that they must sell Turner Broadcasting, the group of channels that includes CNN, if they want approval for their $84.5 billion merger, according to a New York Times report citing people briefed on the matter.
A property for which there are ready buyers.
“There have been a lot of people” who have “expressed interest in CNN,” AT&T CEO Randall Stephenson said Thursday.
According to a new report, Fox News CEO Rupert Murdoch was one of them.
As Donald Trump does his best to mock everything except his house organ, it’s clear that the value of the media is well within the reach of the 1 percent to simply buy out the First Amendment.