Deals
Time Inc. Soars on Report It Hired Bankers to Solicit Offers
- Morgan Stanley, BofA tapped after Bronfman made overture
- Time said to have earlier received cash bid of $18-$20 a share
NEW YORK - DECEMBER 19: The cover of Time magazine naming Barack Obama as Person of the Year is seen at a magazine stand counter December 19, 2008 in New York.
Photographer: Chris Hondros/Getty ImagesThis article is for subscribers only.
Time Inc. shares surged after the Wall Street Journal reported that the iconic magazine publisher hired bankers to field takeover offers.
Morgan Stanley and Bank of America Corp. will solicit interest from potential partners or acquirers, according to the report, which cited unnamed sources. Time Inc., the New York-based publisher of Time, Sports Illustrated, Fortune and other famed magazine brands, made the decision after receiving overtures from a group of media investors including Edgar Bronfman Jr., the report said.