Time Inc. Asks for Formal Bids From Potential Buyers -

Time Inc. Asks for Formal Bids From Potential Buyers -
Time Inc., the publisher of Time, People and Sports Illustrated magazines, has requested formal
bids from potential acquirers by next week, two people briefed on the plans said Tuesday.
Time Inc.’s board has asked potential suitors to enter formal bids or refresh previously submitted informal bids by next week,
but there is no firm deadline, and Time Inc.’s board could consider bids submitted after that, according to one person.
Five parties, including Meredith Corporation and a group led by Edgar Bronfman Jr., have indicated interest in buying
Time Inc. in its entirety, according to one of the people, who requested anonymity because the plans are private.
Time Inc.’s board has not yet decided whether it will sell the company,
and it is also considering bringing on an investor, according to one of the people briefed on the plans.
Last year, the magazine publisher rejected a preliminary takeover bid of at least $18 a share from Mr. Bronfman and the owner of Warner Music.