Third time might be a charm for Time

Koch brothers back Meredith bid to buy Time: report

Representatives from both Meredith and Time Inc. declined to comment.

(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). In addition to Time magazine, Time Inc. publishes People, Sports Illustrated, Entertainment Weekly and more than 100 other magazines.

"The new round of negotiations, motivated by the surprise entry of the Kochs, could lead to a quick deal", according to New York Times sources. In 2012, the billionaires spent nearly $400 million.

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"It is not clear how much influence - if any - the Kochs would have on a Meredith-owned Time Inc. if the deal were to go through", The Times reported.

T-Mobile US shares rose after Reuters reported that the carrier will roll out its fifth-generation network across the U.S.by 2020 and propose a "significant" share buyback. The publisher of Better Homes & Gardens, Martha Stewart Living, Shape and Parents was one of a handful of bidders who made competing offers for Time earlier this year, but the deal was scrapped. Meredith is based in Des Moines, Iowa, and also owns TV stations.

Wichita-based Koch Industries operates oil refineries in several states.

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