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.
