Time Inc. rejects an unsolicited offer from a billionaire
November 29, 2016
In 2013, Meredith made a bid for Time Inc.
This was before Time Warner had spun off the magazine publisher and was still trying to figure out how to make print work.
Ultimately, Time Warner rejected the offer in the hopes that Time Inc. could figure out its own way forward.
Three years later, the magazine company is still struggling, with revenues flat and staggering under the load of debt acquired with the spinoff.
And, once again, a potential suitor has stepped in. This time it’s a group led by billionaire Edgar Bronfman Jr., which has offered a hefty premium over Time Inc.’s current value, at $18 to $20 a share. The stock is trading well below that.
The magazine company’s board has rejected the offer, according to The New York Post’s Keith Kelly.
Bronfman had partnered with Len Blavatnik’s Access Industries and Israeli businessman Ynon Kreiz on the bid.
However, that doesn’t mean the bid is dead. It could be tweaked and resubmitted, for a company that clearly needs some fresh ideas, not to mention a new set of deep pockets to dig into..
A push toward digital
It underwent an executive shakeup earlier this year with CEO Joe Ripp stepping down and Rich Batista, whose background is in cable, not magazines, replacing him.
Over the past year, the company has been moving toward a model more dependent on digital than print, though print still provides the bulk of its revenue.
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