A new front-runner appears to be emerging in the battle to take over Time Inc., with its stable of magazines that includes Time, People, Sports Illustrated and InStyle.
The New York Post reports that the “rumbling” is Meredith Corp. has moved to the head of the pack.
“Bids could come in as early as [today], although one source close to the situation said that it is ‘fluid’ and bidders could get a little more time if needed,” The Post reports. “Time Inc. is not expected to do a bust-up sale — although that would not preclude Meredith or anyone else from spinning things off … but only after a buyer makes a bid for the full company. A winning bid is expected to be around $2 billion — with assumption of $1.2 billion in debt.”
Meredith already has a batch of its own magazine titles, including Better Homes and Gardens, Martha Stewart Living, Family Circle and Shape. The company is better known in the TV business for its station group, which includes TV stations in Atlanta, Phoenix, Nashville, Portland, St. Louis and other markets.