Meredith Corp to by Time Inc in $1.84 billion deal

Meredith, A U.S media company which failed to buy Time Inc two times, has finally made successful a deal of $1.84 billion.

Meredith Corp said on Sunday, that it will buy Time Inc, the publisher of 'Sports Illustrated ' and 'Fortune' magazines in a $ 1.84 billion all-cash deal.

The deal is backed by Conservative billionaire brothers Charles and David Koch.

After merge the Meredith and Times brands will have a readership of 135 million people and paid circulation of nearly 60 million.

Their involvement in the Time deal "underscores a strong belief in Meredith's strength as a business operator, its strategies, and its ability to unlock significant value from the Time acquisition," according to the companies' statement announcing the deal.

Meredith said it expected the deal to close in the first three months of 2018.