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Time Inc. Opts To Reject Takeover Offers, Retaining Assets

SI parent Time Inc. said this morning it is not selling company assets, rejecting various takeover offers, and instead will “continue to pursue its strategic plan” under President & CEO Rich Battista. Time Inc., like many legacy publishers, has been struggling in recent years with the industry-wide decline in print readership and ad revenue, particularly after its '14 split from Time Warner. The company had been up for sale, with fellow publisher Meredith Corp. among the reported interested bidders. But after evaluating multiple offers, Time Inc.’s board instead decided to stay on its own path that includes a heightened emphasis on digital video, TV programming, live events, film production and other similar efforts.

“Time Inc. is a reinvigorated company uniquely positioned to succeed in the multi-platform media marketplace,” Battista said. “Our transformation has brought a number of potential partners interested in working with us to unlock and accelerate value across our portfolio of brands.” The decision not to sell comes as Time Inc.’s Newfront presentation is scheduled for May 4 in N.Y. Time Inc. stock plummeted nearly 20% in pre-market trading in the wake of the news.

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

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