The Journal reported that Iowa-based Meredith has agreed to pay $18.50 a share in cash - a 46% premium from Time's stock at the time acquisition talks were first reported on November 15.
Koch Equity Development, the brothers' investment arm, will not have a seat on Meredith's board or have influence on its editorial or managerial operations, according to the statement. Meredith said they will have no influence in the combined company.
Meredith Corp is buying Time Inc for about $1.8bn (£1.35bn), a deal CEO Stephen Lacy called "a transformative and financially compelling growth opportunity" that joins two giant magazine companies. Meredith approached Time again earlier this year, but those discussions also stalled when Meredith reportedly failed to secure enough bank financing for the acquisition.
As it turns out, the Koch brothers are contributing more than that. "Together, we moved quickly and successfully to launch, grow, and advance our multi-platform offerings during unprecedented times in the media sector", Time Inc.
Rothschild also worked with Solera Holdings Inc.in a deal previous year in which the Koch company provided $800 million of preferred equity. This was the third timeMeredith attempted to acquire Time since 2013. The Meredith Corporation already owns Family Circle, AllRecipes and Better Homes and Gardens. It also runs 17 local news stations in 12 markets. On Friday, Time shares closed at $16.90.
The magazines now published by Meredith are not highly circulated, as their current line-up includes niche publications such as Better Homes and Gardens, Every Day with Rachael Ray, and Traditional Home. Bringing Time's brands to Meredith will bolster the company's roster of publications.
The Miss Universe Organization implemented a new mechanics for the coronation event, selecting the top 16 per continent. Miss Colombia Laura Gonzalez finished as first-runner up while Miss Jamaica Davina Bennett was named second-runner up.
Trump returned to the White House last night after spending the Thanksgiving weekend at his Mar-a-Lago resort in Florida. CNN's communications team fired back minutes later, tweeting, "It's not CNN's job to represent the U.S to the world".
For the first time in nearly ten years, there will be a new head coach leading the Mississippi State Bulldogs. Get prep sports breaking news alerts from the Gwinnett Daily Post staff delivered to your email.
It is claimed there was an incident in a bar in Perth during England's pre-series tour match against Cricket Australia. According to reports, Bairstow "headbutted" Australian's Cameron Bancroft at a bar in Perth earlier in November.
ShopperTrak senior executive Brian Field released a statement on the debate over the decline in in-store retail shopping. Salesforce says 42% of Black Friday orders were placed on a smartphone, and only 49% on a desktop or laptop computer.
And Oscar victor Patricia Arquette wrote in response to Trump's tweet that he could just print himself "another fake cover". Donald Trump recently claimed that he rejected a not-quite-official offer to be Time Magazine's " Person of the Year ".
In early November, Trump was on the golf course with Japanese PGA Tour pro Hideki Matsuyama and Prime Minister Shinzo Abe . Trump tweeted Friday morning he will play "quickly" with professional golfers Tiger Woods and Dustin Johnson .
The submarine was en route to Mar del Plata when it reported an electrical malfunction shortly before disappearing last week. Navy has deployed unmanned underwater vehicles, or "mini-subs", equipped with sonar in the search.