Time Inc. reportedly has spurned a bid from Edgar Bronfman Jr. to buy the company.
Bronfman and Access Industries, headed by Len Blavatnik, had submitted a bid to buy the magazine publishing company, including its flagship magazine as well as publications such as People, Time and Sports Illustrated, for $18 a share, more than 30 percent above the company stock’s value on Friday, before the offer became public over the weekend, the New York Post first reported.
It reportedly was the second offer for the company in recent months.
Also a part of the bidding group is Israeli businessman Ynon Kreiz, the Post reported, citing unnamed reliable industry sources. Kreiz is the chairman and chief executive of Maker Studios, which produces short form video for YouTube. It was sold to Disney for $500 million.
Bronfman, a managing partner at the private equity firm Accretive LLC, is the son of the late Edgar Bronfman Sr., a billionaire businessman and major Jewish philanthropist who led the World Jewish Congress for many years.
Time marked 94 years since its founding on Monday.