embed embed share link link comment comment
Embed This Video close
Share This Video close
bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark bookmark
embed test
Rate This Video embed
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Tags For This Video tags
rate rate tags tags related related lights lights

Meredith Contacts Time to Express Interest in Merger

Meredith Corp. has contacted Time Inc. to express interest in a potential merger, according to people familiar with the matter, rekindling a possible tie-up that died in 2013.

Other strategic companies and privately held businesses have also been in touch with Time about a possible deal, one of the people said. No talks have yet been held with interested parties, the person said. Time shares climbed as much as 11 percent in New York. As of 3:28 p.m., they rose 3.5 percent, valuing the company at about $1.9 billion.

Time’s board is expected to meet later this month to discuss its options, which include pushing forward as an independent company, the people said, asking not to be identified as the details aren’t public.

Meredith’s interest in Time would pose a challenge to Edgar Bronfman Jr. and Ynon Kreiz, who remain interested in the iconic magazine publisher despite having their offer of about $2 billion spurned late last year, the people said.

Meredith, based in Des Moines, hasn’t yet decided if it wants to double down on the publishing industry instead of trying to gain scale in broadcasting, the people said.

Representatives for New York-based Time and Meredith declined to comment.

Meredith owns magazines including Better Homes and Gardens and Parents and 14 broadcast TV stations reaching about 12 million U.S. households, according to the company’s website. Time publishes magazines including its eponymous Time title, as well as Sports Illustrated and Fortune.