Time Inc (NYSE:TIME) is reportedly seeking aid from banks to help it manage takeover and partnership interest.
The new report claims that the company chose Morgan Stanley and Bank of America Corp to help it with the interest. The move comes as the company has been having troubles with declining print and advertisement revenue.
Time Inc seeking a help with interest comes after a group of media investors approached the company about a deal last month. Sources close to the matter told The Wall Street Journal that the group offered $18 per share for TIME, but it refused the offer.
Time Inc’s stock closed at $16.45 on Wednesday. This was the last day before news of the company hiring banks had been published.
Edgar Bronfman Jr, Ynon Kreiz and Len Blavatnik were among the investors interested in TIME. Bronfman is the CEO of Warner Music Group and has his own private equity firm. Kreiz is a media executive and Lavatnik is a billionaire.
Meredith Corporation (NYSE:MDP) is another company that may be interested in acquiring Time Inc. The two were in talks back in 2013. Steve Lacy, the company’s CEO, said that the two haven’t been in talks since then.
Time Inc’s most recent quarter saw it miss revenue estimates. It saw print advertising drop by 10% in the quarter. Subscription revenue dropped by 14.5% during the quarter. The company’s revenue was down 3% overall.
Time Inc has been attempting to combat the declining print revenue it’s facing. The company has seen its online and digital revenues increasing. However, it still isn’t enough to offset its poor print revenue, reports Fortune.
TIME stock was down 1% as of Friday afternoon.
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(Note: A previous version of this article stated that Time Inc was seeking a takeover bid. This is inaccurate and the article has been updated with more accurate information.)