"The only logical acquirer is Meredith", Standard & Poor's Global Ratings credit analyst Minesh Patel told WWD at the time.
The negotiations and the Koch brothers' involvement were also reported by Bloomberg. A Time representative declined to comment and an email to Meredith outside of business hours wasn't immediately returned.
Shares of Time, Inc.
The shift in consumer attention to the internet has hit magazine publishers.More news: OnePlus officially unveils the OnePlus 5T smartphone
T-Mobile US shares rose after Reuters reported that the carrier will roll out its fifth-generation network across the U.S.by 2020 and propose a "significant" share buyback. Iowa-based Meredith publishes Better Homes and Gardens and Martha Stewart Living, among others.
Time's value is estimated to be about $1.3 billion, while Meredith is valued at $2.42 billion.
The two companies were in talks earlier this year, but couldn't agree to terms back in April. The company's magazines include Time, Sports Illustrated and Fortune.
Jack Griffin, who served as Time's chief executive officer until his ouster in 2011, was a former executive at Meredith.