Time Inc. shares plummeted in pre-market trading this morning after the company said it “will continue to pursue its strategic plan” instead of accepting a sale offer, Deadline.com reports. Shares were off 19% at the time of the report early this morning.
A potential sale of the publishing company had drawn interest from suitors including Meredith Corp. and a group led by Edgar Bronfman Jr.
“But Time’s board says today that after evaluating ‘a number of expressions of interest with the assistance of external advisors’ it will continue its effort to build titles including Time, Fortune, People, Sports Illustrated, and Entertainment Weekly into digital franchises,” Deadline reports.
The report quotes Lead Independent Director John Fahey saying: “The Board has full confidence in Time Inc. President and CEO Rich Battista and the management team to execute on the strategic plan.”