Time Inc. Board Said to Discuss Acquisition Offers Today
(Bloomberg) -- Time Inc.'s board of directors is discussing acquisition offers from potential suitors Tuesday as the magazine publisher weighs the future of its iconic brands, according to a person familiar with the matter.Â
The New York-based company is reviewing bids submitted by the deadline it set for this week, the person said, asking not to be identified as the details aren't public. The board had asked for details on how possible buyers value the company so it can determine whether to pursue a sale of the entire business or individual magazine titles, Bloomberg reported last week.
Five companies have expressed interest in acquiring all of Time: Two of the potential buyers are Meredith Corp. and an investor group led by Edgar Bronfman Jr., people familiar with the matter previously told Bloomberg. At least one of the other three bidders is a publicly traded company, one of the people said. Time is also considering taking an investment from private investors.
Time, which has a stock market value of about $1.83 billion, has been struggling to adapt to a digital world with falling advertising revenue and rates. The company, which owns magazines including Sports Illustrated, Time, People and Fortune, is working with Bank of America Corp. and Morgan Stanley to help advise on possible strategic options.
A representative for Time Inc. declined to comment.
To contact the reporter on this story: Alex Sherman in New York at asherman6@bloomberg.net.
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Paul Barbagallo, Devin Banerjee
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