Time Inc rejects an offer from billionaire Bronfman Jr.

Time Inc., the publisher of People and Sports Illustrated, has rebuffed preliminary takeover proposals from Edgar Bronfman Jr. and the owner of Warner Music, a person briefed on the matter said on Monday.

Bronfman, together with billionaire Len Blavatnik’s Access Industries and the Israeli businessman Ynon Kreiz, offered $18 per share, the Post reported, valuing Time Inc. at $1.78 billion. That’s a 30% premium to Time’s closing price of $13.80 on Friday. Bronfman, together with billionaire Len Blavatnik’s Access Industries and the Israeli businessman Ynon Kreiz, offered $18 per share, the Post reported, valuing Time Inc. at $1.78 billion. That’s a 30% premium to Time’s closing price of $13.80 on Friday.

Bronfman, Kreiz, and Blavatnik have long histories together in the media and entertainment world. Bronfman, a managing partner of the private equity firm Accretive LLC, was chairman of Warner Music Group, which is controlled by Blavatnik’s Access Industries. Kreiz was formerly chief executive officer of online-video producer Maker Studios, which was sold to Walt Disney Co. in 2014. Both Bronfman and Kreiz serve on the Warner Music board.

A spokeswoman for Time Inc declined to comment. Access Industries did not immediately respond to a request for comment, while Bronfman could not immediately be reached. Time, like many publishers, has been hit by a decline in print ad sales as advertisers spend more on other media and readers increasingly move online. Digital advertising has been the lone bright spot for the company, with revenue rising 63 percent in the latest quarter.

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