Koch brothers back bid to buy Time Inc: report

Koch brothers back bid to buy Time Inc: report
© Greg Nash

GOP mega-donors Charles and David Koch are reportedly backing a deal to buy Time Inc.

The New York Times reports that Time Inc., which publishes popular magazines like People and Time, is back in talks to sell itself to fellow publisher Meredith Corporation, which produces Family Circle, Martha Stewart Living and Better Homes and Gardens.

The two companies were in talks earlier this year, but couldn't agree to terms back in April.

The billionaire Koch brothers are said to be investing $500 million into the deal in support of Meredith's offer.

"The new round of negotiations, motivated by the surprise entry of the Kochs, could lead to a quick deal," according to the newspaper's sources.

Time's value is estimated to be about $1.3 billion, while Meredith is valued at $2.42 billion.

The political network overseen by the Koch brothers set a spending goal of $889 million on the 2016 election. In 2012, the billionaires spent almost $400 million.

The Kochs refused to back Donald TrumpDonald John TrumpJulián Castro: It's time for House Democrats to 'do something' about Trump Warren: Congress is 'complicit' with Trump 'by failing to act' Sanders to join teachers, auto workers striking in Midwest MORE's run to the presidency last year, but have forged improving relations with his administration in 2017, meeting with top administration officials including Vice President Pence.

Koch Industries is privately held and currently ranks as the second-largest private company in the U.S. Its annual revenues exceed $115 billion via interests primarily in the energy and chemicals arenas.