Over the weekend, the Meredith Corporation agreed to an acquisition of New York-based Time Inc. in an all-cash deal worth $2.8 billion. The deal includes a $650 million infusion from the private equity arm of billionaire brothers Charles and David Koch. Through its National Media division, Iowa-based Meredith owns popular magazines such as Better Homes & Gardens, Family Circle, Living and Shape. The purchase will add notable publications including People, Sports Illustrated and Time to the Meredith line-up. The company’s Local Media division owns a collection of TV stations. Continue reading Meredith Expands its National Reach with Time Inc. Purchase

The FCC plans to change rules regarding local media ownership, claiming the 42-year old rules are now outdated. FCC chair Ajit Pai revealed yesterday during a congressional hearing that there will be a vote next month to loosen current rules that prevent companies from owning a newspaper and a broadcast station within the same market. The rules originally intended to guarantee diversity of expression while aiming to curb undue influence over public opinion by an individual or single company. Democratic lawmakers voiced opposition during the hearing, but Pai defended the proposed plan and other recent deregulatory moves. Continue reading FCC Reveals Plan to Roll Back Local Media Ownership Rules