The drama continues over the fate of Time Inc., with a new report saying Meredith Corp. is about to enter the fray. The New York Post reports that the company will bid against the joint effort from billionaires Edgar Bronfman Jr., Len Blavatnik and Ynon Kreiz to acquire the publishing house.
The news “fueled a second consecutive healthy increase for the slumping Time shares — which closed Tuesday at $16.30, up 1.9 percent. Or nearly 18 percent over two days — since nypost.com reported exclusively that the billionaire trio was offering to buy the company for $18 a share, or nearly $1.8 billion,” The Post reports.
The Time Inc. board rejected the billionaires’ offer., upsetting some shareholders, the report notes.
“Some are now speculating that a bust-up of the publisher of People, Sports Illustrated, Time and In Style looms,” The Post adds.