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Monday, November 28, 2016

BRONFMAN IN A BUYING MOOD AGAIN

Edgar Bronfman Jr. has teamed with none other than fellow billionaire Len Blavatnik on a bid to buy Time Inc. at $18 a share, but the Time board is said to have rejected the bid, the New York Post reported Monday morning. Israeli businessman Ynon Kreiz is also reportedly part of the bidding group.

Blavatnik, you’ll recall, bought Warner Music Group from Bronfman for $3.3 billion in 2011.

Time Inc., which was spun off from Time Warner in 2015, is saddled with $1.5b in debt. The company’s magazine portfolio includes People, Time, Sports Illustrated and In Style.

 
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