US media giant Meredith is to buy Time Inc, publisher of the magazine of the same name, in a $US2.8 billion ($A3.9 billion) deal backed by the billionaire Koch brothers.
Meredith, which owns titles such as Better Homes & Gardens, announced the deal, saying it would pay $US18.5 per share in an all-cash transaction.
It also said that $US650 million in financing for the deal was coming from Koch Equity Development (KED), owned by Charles and David Koch, but emphasised the company would not have seats on Meredith's board or have any "influence on Meredith's editorial or managerial operations."
The Koch brothers are known for their support of conservative causes and donations to the Republican party.
The deal, which is scheduled to close during the first quarter of 2018, will also hand Meredith control of magazines including Sports Illustrated and Fortune.
