Why Time, Inc. Stock Soared Today

Shares of Time, Inc. (NYSE: TIME) have soared today, up by 23% as of 12:30 p.m. EST, after The New York Times reported that the company may be looking to sell itself to Meredith Corporation (NYSE: MDP). The deal is said to be backed by the Koch brothers.

Both magazine publishers were reportedly exploring a possible deal earlier this year before things fell through, only to be reignited by the Koch brothers' interest, according to the report. The Kochs could help support Meredith's offer with $500 million in equity capital, and a deal could be announced shortly after Thanksgiving.

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Source: Fool.com