Tags: time | takeover | partnership | wsj

WSJ: Time Inc. Hires Bankers to Explore Takeover, Partnership

WSJ: Time Inc. Hires Bankers to Explore Takeover, Partnership

Thursday, 08 December 2016 04:44 PM

Time Inc., the publisher of Time, People and Fortune magazines, has tapped Morgan Stanley and Bank of America Corp to help find potential buyers or partners, the Wall Street Journal reported.

Shares of Time closed up 8 percent at $17.75 on Thursday. They touched more than a year high of $17.95 on the WSJ report.

Time, like many publishers, has been hit by a decline in print ad sales as advertisers spend more on other media and readers increasingly move online.

The media company rejected a takeover bid from billionaire investor Edgar Bronfman Jr, the New York Post reported last month.

Bronfman, former CEO of Warner Music Group, made the bid along with Russian billionaire Leonard Blavatnik and Israeli businessman Ynon Kreiz, according to the New York Post.

The WSJ, citing bankers and investors, reported on Thursday that Meredith Corp. could be a potential bidder.

Time held talks with Meredith in 2013 to sell the majority of its magazine division.

A Time spokesman said it is against the company's policy to comment on "such speculation."

Morgan Stanley declined to comment, while Meredith and Bank of America were not immediately available for comment.

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Companies
Time Inc., the publisher of Time, People and Fortune magazines, has tapped Morgan Stanleyand Bank of America Corp to help find potential buyers or partners, the Wall Street Journal reported.
time, takeover, partnership, wsj
192
2016-44-08
Thursday, 08 December 2016 04:44 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved