Time Inc. says it won't sell itself
Time Inc. announced Friday that it has no plans to sell the company and will instead pursue its own strategic plan, which is heavy on video, events and new products.
"Over the past several months, there has been considerable speculation and news coverage regarding interest by various parties in acquiring Time Inc.," the statement read. "While Time Inc. had not initiated a process, the board of directors, consistent with its duties, evaluated a number of expressions of interest with the assistance of external advisors. Following that review, the Board has determined that the Company will continue to pursue its strategic plan."
Time Inc., which publishes dozens of magazines including Time, Fortune and Sports Illustrated, has been courted in recent months by individuals and companies intent on acquiring the company. The statement notes that the company board evaluated "a number" of such offers but ultimately decided not to bite.
Magazine publisher Meredith and an investor group led by Edgar Bronfman Jr. and Ynon Kreiz were among the interested parties who have ultimately been scuttled so Time Inc. can go it alone.
Last year, the company consolidated its magazine titles under four groups — news, sports, celebrity and entertainment and lifestyle — and named an editorial director to oversee each one.