Time Inc., the publisher of People, Fortune, and Sports Illustrated magazines, has rejected a takeover bid from the billionaire investor Edgar Bronfman Jr., the New York Post reported on Monday.
Bronfman, together with billionaire Len Blavatnik's Access Industries and the Israeli businessman Ynon Kreiz, offered $18 per share, the Post reported, valuing Time Inc. at $1.78 billion. That's a 30% premium to Time's closing price of $13.80 on Friday.
Bronfman is a managing partner at the private-equity firm Accretive LLC.
Time Inc. shares were up nearly 18%, at $16.05, around 11:50 a.m. ET on Monday.
Bronfman, a former chief executive of Warner Music Group, has a long history in the media and entertainment world. His family made its fortune from Seagram's, once the largest distiller of alcoholic beverages in the world.
A spokeswoman for Time Inc. declined to comment. Access Industries did not immediately respond to a request for comment, while Bronfman could not immediately be reached.
Time Inc., 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.
Digital advertising has been the lone bright spot for the company, with revenue rising 63% in the latest quarter.
Up to Friday's close, shares of Time Inc. had fallen 12% this year and about 4% in the last two years.
Read the full New York Post story »
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