Breaking News: Time Inc. Rejects Buyout Offer

Time Inc. has received a buyout bid from billionaire Edgar Bronfman Jr., which has reportedly been rejected by the company’s board. The offer was for $18 a share, a 30% premium over the company’s Friday closing price, Keith Kelly of The New York Post reported.

Bronfman, managing partner of private equity firm Accretive LLC, went in on the bid with fellow billionaire Leonard Blavatnik, founder of holding company Access Industries, and Israeli businessman Ynon Kreiz, according to Kelly.

Recently, Time Inc. has been repositioning itself as more of a digital media company—becoming less dependent on print ad revenue.

Several changes have come to the New York publisher just this past year including an editorial restructuring, which saw the creation of editorial groups.

On Monday, following the news, Time Inc.’s shares jumped 11.6% to $15.40 in pre-market trading.

This story is still developing.

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