Meredith buys Time Inc.

Des Moines-based Meredith Corporation is buying Time Inc. for nearly $3 billion. The move announced Sunday night means Meredith will now own popular magazines including Time, Sports Illustrated, Fortune, and People. Meredith says the $2.8 billion will be finalized by the end of March. The deal raised red flags with some as Koch Equity Development, which is owned by Charles and David Koch, is helping to finance the deal. Meredith says the Kochs won't be on the company's board or have any say over editorial control