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Time Inc. sold to Meredith Corp. for $1.8 billion

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Two big, competing magazine companies are joining forces.

Meredith Corp. has purchased Time Inc. for $1.8 billion, the Associated Press reported Sunday.

Time Inc. owns Time, People magazine, Sports Illustrated, Entertainment Weekly and Fortune; Meredith has Better Homes & Gardens, Family Circle, Shape and allrecipes, the AP said.

The deal will close early next year.

The two companies had $4.8 billion together in revenue last year, AP reports.