“Meredith Corp said on Sunday it will buy Time Inc., the publisher of People, Sports Illustrated and Fortune magazines [among many others], in a $1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch,” Reuters reports.

Add in Time Inc.’s debt of about a billion dollars, and the deal is valued at $2.8 billion.

The Koch brothers put up $650 million so Meredith could close the deal. Meredith said the Koch brothers will not have a seat on the board. To read about Recode senior editor Peter Kafka’s speculation as to why the Koch Brothers made this investment, please click here.

Notes The New York Times, “Under the terms of the deal, Meredith will pay $18.50 a share for Time Inc. The boards of both companies finalized the deal on Sunday evening. The deal is expected to close in the first quarter of 2018.”

According to Reuters, Meredith CEO Stephen Lacy said in a statement, “We are adding the rich content-creation capabilities of some of the media industry’s strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults.”

Meredith is also already a major publisher, whose titles include Family Circle, Better Homes and Gardens and AllRecipes.

Time CEO Rich Battista, “who will leave Time when the deal with Meredith closes, will work closely with the Meredith management team to ensure a smooth transition, the companies said on Sunday,” notes Reuters.

Earlier this month Time Inc. “marked the sixth straight quarter it missed [analyst’s] expectations for revenue,” Reuters said.

Reuters also reported that “Meredith said it anticipated cost savings achieved by eliminating overlap in the two companies of $400 million to $500 million in the first full two years of operation.”

Time Inc. was co-founded in 1922 by Henry Luce. That’s 20 years after Meredith was started.