Aided by the financial clout of billionaire brothers Charles and David Koch the deal would mark a long-awaited victory for Meredith which has long coveted Time, evidenced by several previous failed takeover attempts - the most recent of which occurred earlier this year.
The deal includes $1.85bn in cash and the assumption of debt, valuing the total deal at $2.8bn.
Meredith made its move in order to broaden its own publishing interests, which is currently limited to the lifestyle sector with titles such as Better Homes & Gardens and Family Circle.
Together Meredith and Time would command a combined readership of 135 million with a paid circulation of close to 60 million, not to mention a digital media audience of 170 million monthly uniques in the US alone, together with 10 billion annual video views.
Koch Equity Development is offering $650m in equity to lubricate the audacious move although the Koch’s will have no seat on Meredith’s board nor any editorial or managerial influence.
Meredith chief executive Stephen Lacy, commented: “We are adding the rich content-creation capabilities of some of the media industry’s strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults.”
Meredith is confident it will conclude the deal, which has been approved by both firms' boards of directors, within the first quarter of 2018.