Time Inc (NYSE:TIME) shares rocketed by nearly 17% on Monday after reports that the publishing company that owns brands such as Sports Illustrated, People magazine and Time, has rejected an unsolicited bid backed by Len Blavatnik, the billionaire owner of Warner Music.
The offer, which was first reported by the New York Post, values Time Inc at $18 a share. It comes as Time and other publishing companies grapple with steep downturn in print advertising revenue.
Major divisions of Time Warner (NYSE:TWX) have included Time Inc., AOL, Time Warner Cable, Warner Books, and Warner Music Group. All of these operations were either sold to other investors or spun off as independent companies between 2004 and 2014. Time Inc itself was spun off in 2014.
Time shares were up 16.8% at $15.90.
Story by ProactiveInvestors