Time magazine has been selling the most influential and popular media in the United States. It is known that the 94-year-old Magazine Time publishing company, Time Inc., is buying two-and-a-half billion dollars ($ 280 million) by another company Meridith Corporation.
According to a BBC report, Meridith Corporation has already signed contracts for the purchase of Time Incorporated, including Time Magazine, People, Sports Illustrated, Entertainment Weekly and Fortune magazine.
The report also said that two brothers, Prince and David Koch, who believe in American conservative theory, are financially cooperating Meridith Corporation for buying Time Incorporation. The Iowa-based publishing company, Meredith, tried to buy Time magazine twice before it failed. Meridith released the popular Family Circle, Better Homes and Gardens magazine. Besides, they also have several television channels across the United States.
The advertisers struggled to run on the digital platform for a number of years due to the lack of print media, New York-based Time Incorporated. Time’s advertising revenue began to decline further since Time Warner became separated from Time magazine in 2014. In November, the company’s third quarter profit fell 9.5 percent. Whose financial value is $ 6.7 million.
