Time Inc. is said to be asking potential suitors to submit preliminary bids by the end of next week — and sources now say there may be as many as five potential suitors in the hunt.
One of the five is a foreign suitor, one source said, but others close to the matter quickly poured cold water on that.
“All of the suitors are US-based firms,” a source close to the situation told Media Ink.
The guess is that offers will be valued at somewhere around $2 billion for the outstanding stock — plus the assumption of about $1.2 billion in debt.
Time Inc. shares were trading up 4.8 percent in after-hours activity, to $18.40, giving the publisher a market cap of roughly $1.8 billion.
The news that the number of suitors has swelled to five from two was first reported by Bloomberg. Media Ink has confirmed there are five interested parties — and two bidders.
One bid is sure to come from the trio of well-heeled investors — Edgar Bronfman’s Accretive LLC, Warner Music Chairman Len Blavatnik’s Access Industries, and Ynon Kreiz, former head of Maker Studios.
Meredith Corp., owner of local TV stations and magazines, like Better Homes & Gardens and Martha Stewart Living, is also in the hunt. The names of the other three suitors could not be learned.
Time Inc. declined to comment.
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