Meredith Corporation is exploring a break-up of Time Inc that would include shedding some of its best-known titles, including Time magazine and Sports Illustrated, once it acquires the 95-year-old publisher in a $2.8bn deal unveiled yesterday.

People briefed about Meredith’s plans said there would also be “significant jobs cuts” at Time Inc after the companies are combined as part of a cost-cutting plan reached with the Koch brothers, the conservative US billionaires who are minority investors in the takeover.

Among those who have expressed interest in Time assets in recent months are David Pecker, publisher of the National Enquirer tabloid and a close ally of President Donald Trump; a team including Seagram scion Edgar Bronfman Jr and Len Blavatnik, the billionaire former owner of Warner Music Group; and Jimmy Finkelstein, owner of the political publication The Hill.