Is TIME Stock About to Be Bought Out?
The United States’ largest magazine publisher Time Inc (NYSE:TIME) saw TIME stock surge eight percent on Thursday as The Wall Street Journal reported that the company has hired banks to help field takeover or partnership interest from billionaires and media investors.
Some of the more renowned publications under the umbrella of TIME stock are Sports Illustrated, Fortune, and, of course, the eponymous Time magazine.
This is not Bronfman’s first overture to the company. Last month, Bronfman, along with partners Warner Music board member Ynon Kreiz and billionaire Len Blavatnik, reportedly bid somewhere between $18.00–$20.00 per share. The news promptly sent TIME stock prices soaring by 17%, but was rejected by Time Inc.
Another possible player looking to acquire Time is Meredith Corporation (NYSE:MDP), which owns 17 TV stations and magazines, including Shape, Family Circle, and Better Homes and Gardens. The company has made attempts to acquire Time Inc in the past, but Meredith CEO Steve Lacy has rebuked claims that the company is looking into acquiring Time currently.
TIME stock is looking to adapt, much like other print outlets, to the complications that the industry has faced in the digital age. This sale might be what it needs to reinvigorate share prices.