Edgar Bronfman Jr., the billionaire U.S. media investor who served as executive vice chairman of Vivendi Universal from 2000 until 2003, has his sights set on acquiring Time Inc.

Bronfman, who is currently a managing partner in the private equity firm Accretive LLC, has made a bid to buy the publisher of People, Time and Sports Illustrated, The New York Post reports.

“Bronfman, who is teaming up with Len Blavatnik’s Access Industries, recently submitted a bid to the board of the legendary magazine publisher to buy the company for $18 a share,” The Post reports. “The price is a 30 percent premium over Time Inc.’s Friday closing price of $13.80 — and 34 cents over the company’s 52-week high of $17.66.”

The board of Time Inc. is said to have rejected the offer, according to the report.