Time, which owns such publications as People and Sports Illustrated, has a stock market value of $1.3 billion. Meredith's stock likewise went up as a result, to $59.70 a share-a 10 percent increase.
The Kochs entertained a bid for the Tribune Company in 2013, The Times reported.
The companies and Koch brothers were not immediately available for comment outside regular business hours. The common-held wisdom was that the most likely suitor was Meredith Corp., the deeper pocketed Des Moines-based publisher of a stable of titles including Family Circle and Better Homes and Gardens.
Shares of Time, Inc.
The billionaire Koch brothers are said to be investing $500 million into the deal in support of Meredith's offer. New York-based Time also publishes Time, Fortune and InStyle.