Koch Bros. Are New Owners Of Time Magazine

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Charles and David Koch are new owners of Time Magazine and other publications.

Meredith plans on selling a large portion of their business and Time Inc. to a company owned by the Koch brothers. Combined, both Meredith and Time Inc. are worth approximately $5.6 billion.

Charles and David Koch - mega-donors to Republicans - are purchasing $650 million worth of the combined company, thus making them major shareholders.

It also plans to sell a sizable chunk of the combined business -- $650 million worth -- to a company owned by Charles and David Koch. The Koch brothers are mega-donors to the Republican party and conservative causes.

Meredith claims that the Koch Bros. will have no editorial control over Time.

Meredith said in a statement that the Koch brothers will not have seats on the board "and will have no influence on Meredith's editorial or managerial operations." The company said the Koch brothers' investment underscores the significant "unlocked value" from the merger.