The march of America’s right-wing conservative mega-rich into the mainstream US media continues, with the multi-billionaire Koch brothers helping finance the US$2.8 billion takeover of Time Inc by rival magazine group Meredith, which is about to go straight into a second round. The Kochs will not have a seat on Meredith’s board, but US media observers say their influence will be felt through their finance.
The Kochs join the likes of Rupert Murdoch (Fox News, The New York Post and The Wall Street Journal) and the Sinclair broadcasting company’s founding Smith family (Sinclair is the largest owner of local TV stations in the US). The merged Meredith-Time business will be the largest operator in magazines (but will be suffering a growing slump in sales and ad revenues) — a media giant. News magazine Time will be the key asset to be sold as Meredith, in its two previous attempts to buy Time, has indicated it isn’t interested in being an owner of the storied title. That opens the way for conservatives to bid, and with the Koch finance in place, a right-wing buyer seems logical.
US media reports say Meredith plans significant jobs cuts at Time Inc after the companies are combined as part of a cost-cutting plan reached with the Koch brothers who are said to have insisted on the cuts to make sure they get a return on the $US650 million of capital they have invested in the deal.
I can see the News Corpse head-lines now – “KOCH TIME”.
While there is no doubt a lot that can be said about this take over, it seems to me that my late Mother’s comment of decades ago is worth remembering, ‘when a person gets a picture on the front of Time Magazine, it is time to reconsider their position’. Clearly she had considerable suspicion of the positions Time was then rewarding. Eventually she quit even reading it.
The Koch brothers have bought a party. Now they are aiming to own the Fourth Estate.
I like the thought of them doing their dough big time.
Unfortunately they can wreak a lot of havoc before running to ground.
It is obvious that the billionaires club’s tentacles are embracing global old school media. What motive would the Koch (that is ‘cock’) brothers, fossil fuels, have for investing in media. To make sure editorial policy suits the agenda of the billionaires club that is the motive. The only people that access that media are angry white dudes that aren’t angry enough to read Brietbart. Given the fact that digital media is still embryonic it is almost certain that they will do their money and will fail to achieve much at all, most young people wouldn’t wipe their bottoms with print media content anymore.