A bidder drops out of the running for Time Inc.
March 9, 2017
The bidding for Time Inc. is apparently down to two.
The group headed by Edgar Bronfman Jr., whose initial pursuit of the magazine publisher prompted Time Inc. to go on the block, has dropped out, according to multiple reports on Wednesday.
The decision was made after the investor group looked more closely into Time Inc.’s business, says The New York Times.
The group made offers for the owner of Sports Illustrated and Fortune in November as well as last spring.
The most recent bid valued the company at some $1.8 billion, though it’s unclear if Bronfman and investment partner Ynon Kreiz revamped their proposal when Time Inc. began accepting formal bids earlier this month.
Two bidders left
With the investor group out, that appears to leave just two suitors for Time Inc.: Meredith and a mystery group whose identity has not been made public.
The company requested formal bids last week but has not committed to making a sale, saying it will consider the bids and then decide whether to continue on its own or sell.
It has been pursuing a digitally focused strategy over the past year, with reorganization in the executive ranks and the acquisition of digital properties, at a time when print has struggled.
At one point, up to five companies, including American Media and Hearst, were believed to be pursuing Time Inc.
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