Time magazine publisher Time Inc sold to Meredith for $2.8bn

Time Inc, the publisher of the iconic Time magazine, on Sunday agreed to be sold to Meredith Corporation for $2.8 billion. Founded in 1922, Time Inc also publishes People, Sports Illustrated and Fortune magazines. Meredith said the acquisition is backed by $650 million-infusion by billionaire Koch brothers, adding that the brothers will have no influence on its editorial decisions.