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Meredith approaches Time again with Koch brothers backing -source

Nov 16 (Reuters) - Meredith Corp is in talks again to buy Time Inc in a potential deal backed by billionaire brothers Charles Koch and David Koch, a source familiar with the situation told Reuters on Thursday.

The Koch brothers have agreed to support Meredith's offer by investing around $600 million, according to the source, who wished to remain anonymous because they are not permitted to speak to the media.

Spokesmen for Koch Industries, Meredith and Time declined to comment.

Time was up over 25 percent in afternoon trading at $15.93, while Meredith was up over 9 percent at $59.45.

The New York Times was the first to report the potential deal Wednesday evening.

Deal talks between Time, the publisher of Time and People magazines, and Meredith, the publisher of Better Homes & Gardens and Family Circle magazines, had collapsed in April.

(Additional reporting by Jessica Toonkel in New York; Editing by Lisa Shumaker)