Time Inc. narrows bidders as deadline approaches
February 28, 2017
Deadline is a concept Time Inc., as a publisher of many print magazines, is quite familiar with.
Deadlines keep the presses going on time and save the company from losing money on costly delays. So perhaps it’s not a surprise that Time Inc. has set a deadline for bids on the company as it nears a decision on whether or not to sell.
The company has told bidders to have their final offers in by next week, according to Bloomberg, at which point the board will decide whether to let a sale go through or to stick it out as the publisher has been doing since it was cut loose from Time Warner two years ago.
Time Inc. apparently has narrowed the bidders to five.
One, of course, is Meredith, which nearly gobbled up Time Inc. three years ago. Another is an investor group that launched a failed bid for the company in November.
Bloomberg says another publicly traded company also remains in the bidding, though it did not specify who.
To sell or not to sell?
There’s some argument for staying independent. Stock in Time Inc. has risen since the initial bid by the aforementioned group headed by Edgar Bronfman Jr. was announced last year.
And the company had been repositioning itself as a digital-first operation before Bronfman’s group made its unsolicited offer.
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