Time Inc. to bidders: No breaking up the company
February 23, 2017
There’s no new owner for Time Inc. yet.
But the list of those still in contention is narrowing, as the magazine company has evidently decided it’s not into the idea of being sold off piecemeal.
Time Inc. will not break up in order to sell itself off, according to a new report from The New York Post’s Keith Kelly, at least not this time.
There had been several suitors, most notably Hearst and American Media, that were looking to buy only part of the publisher, whose magazines include a sizeable chunk aimed at women in addition to long-running titles such as Time, Sports Illustrated and Fortune.
Ever since Time Inc. announced disappointing quarterly numbers last week, speculation has grown that it’s heading for a selloff.
Two suitors remaining
It’s been talking to bidders since late last year, when an unexpected (and ultimately rejected) bid from an investment group led by Edgar Bronfman Jr. sparked a reopening of talks with Meredith, with whom it explored a merger a few years ago.
Kelly puts the expected value of a sale at $3 billion, including $1 billion in debt.
At one point, there were nearly half a dozen companies interested in Time Inc. But Kelly says that number has dropped to two with the publisher’s insistence that the entire company be sold.
Meredith and Bronfman’s group, which also includes Warner Music chair Len Blavatnik and ex-Maker Studios boss Ynon Kriez, is the other.
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