Whoa: There may be a bidding war for Time Inc.
November 30, 2016
In teen movies from “The Breakfast Club” to “She’s All That,” a theretofore undesirable girl is suddenly transformed into a sexpot with a few dabs of makeup or the removal of a pair of glasses.
She becomes instantly alluring, despite the fact that nothing about her has truly changed.
Time Inc. appears to be playing that character at the corporate level.
Until last week, it was a struggling magazine publisher that couldn’t quite seem to transition to the digital era.
Now it’s suddenly the belle of the ball, with two bidders interested in taking it over, prompting speculation there may be a bidding war.
Bronfman vs. Meredith?
One of those suitors is Edgar Bronfman Jr., who teamed with Len Blavatnik and Ynon Kreiz to submit an unsolictited (and ultimately rejected) bid for Time Inc. earlier this month.
The other is rumored to be Meredith, a fellow publisher that launched an unsuccessful takeover of Time Inc. three years ago.
Meredith’s interest has been piqued again by the Bronfman bid, according to The New York Post’s Keith Kelly, and it’s expected by some to re-enter the competition for the Time publisher.
Kelly quotes sources saying they anticipate more than one buyer may split the company’s magazines.
Analyst Barry Lucas of Gabelli & Co. said Meredith, which publishes a slew of titles aimed at women such as Better Homes and Gardens and has been snapping up magazines at a time when many others are divesting, would be a logical suitor. The company has declined to comment on the speculation.
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