Time Inc. is being sold for $2.8 billion to media conglomerate Meredith Corporation, backed by the billionaire Koch brothers known for supporting conservative causes, in an unlikely ending to a saga over the future of CNN's parent company.

Time, which also publishes its eponymous magazine, Fortune, and Sports Illustrated, began looking for a buyer late last year before giving up several months later, while welcoming options.

Meredith had expressed interest in buying Time earlier this year then walked away because it could not secure the necessary financing.

Time revealed in October an aggressive plan to boost revenue that included focusing less on magazine journalism and more on digital activities.