- Meredith (NYSE:MDP) is up 8.2% and Time (TIME) up 9.2% after the two came to a a deal to sell the iconic Time to its publishing rival, with more details emerging this morning.
- Meredith says the billionaire Koch brothers -- who helped enable the $1.85B bid with $650M in financing from Koch Equity Development -- "will have no influence on Meredith's editorial or managerial operations" and won't have a seat on Meredith's board.
- When the Kochs were first connected to a possible deal, speculation mounted over whether the two would try to promote conservative politics through the brands.
- Time CEO/President Rich Battista, brought in just over a year ago, will exit after helping with the transition.