Time Inc. Sold in Koch Deal

Meredith CEO Stephen Lacy calls the joining of the two magazine giants “a transformative and financially compelling growth opportunity.” Time CEO Rich Battista is expected to depart after the deal closes. Meredith says the investment vehicle owned by Charles and David Koch, prominent supporters of conservative causes, will not have a seat on the board and they will not influence editorial decisions. Mary Bottari of the Center for Media and Democracy, however, tells the Guardian that she believes the brothers want to create their own “media megaphone” to convince the public that they don’t need to worry about climate change and they should “forget about regulating the fossil fuel industry.”