Deals
Time Inc. Spurns Suitors to Go It Alone on Digital Strategy
- Meredith, Pamplona had been in running to buy publisher
- Investors jeer the move, sending shares down 19% in New York
A person walks past the logo of Time Inc. in the lobby of their office headquarters in New York City.
Photographer: Gary Hershorn/Getty ImagesThis article is for subscribers only.
Time Inc., the glossy-magazine publisher in turmoil and struggling to adapt to a digital world, decided to stick with its online strategy rather than sell itself after months of talks with potential acquirers.
Meredith Corp. and a group including Pamplona Capital Management and Jahm Najafi had been in the running to buy Time’s entire business, alongside at least two other suitors including one publicly listed company, Bloomberg reported in March. Time was said to be holding out for a deal that would have valued the New York-based company at more than $20 a share.