Cheddar Morning Business Update 11/27: Media company Meredith buys Time Inc.

Posted: Updated:
NEW YORK -

Time Inc. has new owners.  Media company Meredith has agreed to buy the magazine's publisher for 2.8 billion.

Time is the publisher of Sports Illustrated, PEOPLE and Fortune magazines.  Meredith publishes Better Homes and Gardens.

Meredith's bid is backed by billionaire brothers Charles and David Koch, known for the conservative political views.

Meanwhile, there may not be a lot of work going on today. It is Cyber Monday, expected to be the biggest online shopping day in U.S. history with $6.6 billion dollars in sales.

U.S. retailers did a record $7.9 billion in online sales on Black Friday and Thanksgiving, up nearly 18 percent from last year.

Lastly, bitcoin or bust. The virtual currency surged past 9,000 for the first time on Sunday and was trading above $9,500 in Asia this morning.

Analysts say the surge has come on expectations that hedge funds and big professional investors could put money in the currency.

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