Known for using their vast wealth and network of donors to advance their brand of libertarian-infused conservatism, the titans of Koch Industries explored buying the Tribune Company's eight newspapers, including The Los Angeles Times and The Chicago Tribune.
They ended up not making a bid, and in an interview at the time with his hometown paper, The Wichita Eagle, Charles Koch suggested that Koch Industries was rethinking whether it was wise to enter such a troubled industry.
"There are tremendous changes going on in media," Charles Koch said. "We're back at square one, analyzing where is the most change, where are the best opportunities for new entrants to come in and add value?"
The answer, it appears, was the magazine business.
In a move that came to light on Wednesday, the Kochs have tentatively agreed to back an offer by the magazine publisher Meredith Corporation for Time Inc., the owner of titles including Time, People and Sports Illustrated. Koch Industries, the sprawling industrial conglomerate controlled by the two brothers, plans to support the deal.