Media: Time, FORTUNE, to be snapped up by Allrecipes Publisher

-WSJ

Meredith Corp., the owner of Better Homes & Gardens, Shape and Allrecipes, is close to striking an agreement to buy magazine publisher Time Inc. for more than $1.8 billion, according to people familiar with the companies.

The deal is a significant bet on the future of the magazine industry as media companies try to find their footing in a digital world.

Des Moines-based Meredith has agreed to pay between $18 and $19 a share in cash for Time, the fabled New York publisher of Fortune, People and Sports Illustrated, the people said.