Sun, Jan 15, 2017 - Page 16 News List

Time Inc to begin talks with potential buyers, sources say

Bloomberg

Time Inc is to begin discussions with potential acquirers after holding a board meeting last week about its future, according to people familiar with the matter.

The board is not under any pressure to sell the company and would not, unless the initial expressions of interest value Time significantly higher than previous overtures, the people said.

Time might start talks with buyers and their advisers as soon as next week, one of the people said.

Time has been approached by many possible suitors that are interested in either buying the entire company or specific titles, the people said.

Discussions with buyers have not occurred yet, the people said.

Bloomberg earlier this month reported that Meredith Corp had expressed interest in acquiring Time.

Time hired banks after receiving an unsolicited bid from Edgar Bronfman Jr and Ynon Kreiz in the range of US$18 to US$20 per share last year, according to a letter reviewed by Bloomberg News at the time.

The bid has the backing of billionaire Len Blavatnik’s Access Industries.

The Bronfman consortium and Meredith are not the only interested buyers in the entire company, the people said.

Time’s magazine portfolio includes Sports Illustrated, Time, People and Fortune.

Bank of America Corp and Morgan Stanley are helping the company field offers, Time said last month.

The company declined to comment.

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