Time Inc. (TIME) is in talks again to sell itself to Meredith Corp. (MDP) - Get Meredith Corporation Report , with the deal being backed by the billionaire brothers Charles G. and David H. Koch, according to a published report.

The New York Times reported late Wednesday that the current discussions are a revival of earlier unsuccessful talks between Meredith and Time, adding that the involvement of the Kochs could spur the deal to fruition.

The paper, quoting unnamed sources with knowledge of the talks, said the Kochs would back Meredith with an equity injection of $500 million. The New York Times said a spokesman for Koch Industries declined to comment on Wednesday. Representatives of Time and Meredith could not be reached late Monday for comment on the report.

TheStreet Recommends

Time, which includes more than 100 brands and publishes Sports Illustrated and People, was up for sale this past spring and had held talks with Meredith, which includes among its publications Shape, Better Homes and Gardens and Family Circle.

More of What's Trending on TheStreet: