Time Inc (NYSE:TIME) shares were surging Wednesday afternoon on the news that the company may finally have a suit who will acquire it.

The publisher has been fighting lower newsstand revenue and a reduction in advertising that has lowered its value to $1.74 billion. There are a number of potential suits looking to buy Time, and they have been asked to place their bid by next week.

Such a move would give the company’s board of directors an idea of where buyers see the company’s worth, and whether it would sell the company as a whole or sell individual publications. Time owns more than 100 titles, including Sports Illustrated, InStyle and People.

The company reportedly hired Morgan Stanley (NYSE:MS) and Bank of America Corp (NYSE:BAC) to help it determine buyout or partnership interest. More recently, publisher Meredith Corporation (NYSE:MDP) and a group of investors spearheaded by Edgar Bronfman signed non-disclosure agreements with the company as talks of an acquisition advanced.

Bronfman — who is a managing partner at private equity firm Accretive LLC — reportedly joined forces with Maker Studios CEO Ynon Kreitz to issue an all-cash offer on the company in the range of $18 to $20 a share. Len Blavatnik’s Access Industries backed the bid.

Despite the publisher’s decline, Time is still one of the most recognized names in the magazine industry, while its “Person of the Year” award continues to spark debates.

TIME stock surged 7.1% by around 1 p.m. ET Wednesday. Shares have gained 33.1% over the course of the last 12 months.