Time Inc. Asks for Formal Bids From Potential Buyers -<br />Time Inc., the publisher of Time, People and Sports Illustrated magazines, has requested formal<br />bids from potential acquirers by next week, two people briefed on the plans said Tuesday.<br />Time Inc.’s board has asked potential suitors to enter formal bids or refresh previously submitted informal bids by next week,<br />but there is no firm deadline, and Time Inc.’s board could consider bids submitted after that, according to one person.<br />Five parties, including Meredith Corporation and a group led by Edgar Bronfman Jr., have indicated interest in buying<br />Time Inc. in its entirety, according to one of the people, who requested anonymity because the plans are private.<br />Time Inc.’s board has not yet decided whether it will sell the company,<br />and it is also considering bringing on an investor, according to one of the people briefed on the plans.<br />Last year, the magazine publisher rejected a preliminary takeover bid of at least $18 a share from Mr. Bronfman and the owner of Warner Music.
