Time Inc (NYSE:TIME) has rejected a buyout offer that would have valued the company at around $1.78 billion.
The digital and print publisher received an offer from Edgar Bronfman Jr., a billionaire investor. He is a managing partner of private equity firm Accretive LLC.
Alongside Bronfman was Leonard Blavatnik, a Russian billionaire who founded holding company Access Industries, while Israeli Ynon Kreiz was also part of the group. The offer valued TIME shares at $18, marking a 30% premium over the company’s closing price on Friday.
A spokesman for the company did not comment on the matter, while Access Industries and Bronfman were also hard to track down following this announcement.
Time is responsible for a number of major publications including the self-titled magazine, as well as People, Fortune and Sports Illustrated. Unsurprisingly, the decline of print media has hit the company hard with many advertisers pulling out of these magazines.
On the flip side of this is the company’s digital advertising and revenue which has risen steadily. Digital advertising’s revenue surged 63% over the company’s most recent quarter.
Since Time spun off from Time Warner Inc (NYSE:TWX) in 2014, the company has amassed about $1.5 billion in debt. Its most recent quarterly results were slightly down or flat.
Bronfman is the former CEO of Warner Music Group. Much of his fortune comes from Seagram’s, an alcoholic beverages producer that is responsible for whiskeys and other beverages.
TIME shares are up 20.5% on Monday.
