Tag: Meredith Corporation

The Kochs just got their hands on Time. Who’s next?

The following article by Matt Gertz was posted on the MediaMatters website November 27, 2017:

Charles and David Koch, the billionaire brothers who are major funders of Republican candidates and conservative organizations, now own a stake in Time Inc. On Sunday night, the Meredith Corporation announced that it is purchasing the company with the help of $650 million from a Koch equity fund. A Koch spokesman suggested this is purely a business decision, and Meredith has claimed the right-wing billionaires will not have a seat on its board or influence over the editorial decisions of the newly acquired magazines, which include Time and Fortune. But journalists are rightfully skeptical that the Kochs would enter the embattled magazine publishing business if they didn’t view the investment as a way to advance their conservative principles.

If the Kochs do begin to play a role in the workings of Time, they will join a handful of major conservative donors who have decided in recent years to purchase, fund, or launch media outlets as a way to expand their political influence. The new owners often bring in new leaders who push the newsroom to support their boss’ political interests. With print, digital, and broadcast journalism business models all faltering, right-wing billionaires will have more opportunities to pull off these sorts of takeovers in the future. Continue reading “The Kochs just got their hands on Time. Who’s next?”

Koch brothers’ ‘passive’ role in Time Inc. takeover met with skepticism

The following article by Michael Calderone and Jason Schwartz was posted on the Politico website November 27, 2017:

‘They’re always looking to exert influence in one way or another,’ says Koch biographer after the conservative billionaires backed Meredith’s takeover of the magazine giant.

Reports of the Koch brothers role in the deal, or lack thereof, have been met with skepticism from journalists, media watchers and Koch chroniclers. David Koch speaks at the 2015 Defending the American Dream summit hosted by Americans for Prosperity. | Paul Vernon/AP Photo

Charles and David Koch have actively promoted conservative and libertarian policies for years by pumping tens of millions of dollars into political campaigns, advocacy organizations, think tanks and University groups.

Yet the billionaire industrialists’ $650 million investment supporting Meredith Corporation’s takeover of Time Inc, the magazine giant behind titles like Time, Fortune, People, and Sports Illustrated, was characterized by a Koch spokesman on Sunday night as a “passive” one. And Meredith said in a release that Koch Equity Development — the Koch brothers’ private equity arm involved in the deal — “will not have a seat” on its board and “will have no influence” on editorial or managerial operations.

Reports of the Koch brothers role, or lack thereof, have been met with skepticism from journalists, media watchers and Koch chroniclers. Continue reading “Koch brothers’ ‘passive’ role in Time Inc. takeover met with skepticism”