Time Inc. resets bid deadline, top suitor exits

One of the expected top contenders to acquire Time Inc. has dropped out of the bidding process for the magazine publisher.

Time Inc., which publishes People, Sports Illustrated, Fortune and Time magazines, has been listening to suitors interested in buying the media company.  A potential buyer now exiting the process: an investor group led by Edgar Bronfman Jr., who is the managing partner of Accretive LLC and a former chairman and CEO of Warner Music, and Access Industries founder Len Blavatnik.

The Bronfman group, which also reportedly made a bid for Time Inc. in November 2016, dropped its bid, according to a company official knowledgeable about the process but who was not authorized to comment publicly. The Wall Street Journal first reported the development.

Among the other companies interested are Meredith Corp., which publishes Better Homes & Gardens, Family Circle and Shape, and also has 17 TV stations. The media company reportedly sought a merger four years ago with Time Inc., which was spun off from Time Warner in June 2014.

Earlier this month, Time Inc. had set a deadline of this week for for bidders. The publisher may choose to not proceed with a sale of all or part of the company and is also considering taking an investment from private investors, the official said previously.

Shares of Time Inc. (TIME) were up 2.5% Thursday to $19.23.

Follow Paste BN reporter Mike Snider on Twitter: @MikeSnider.