Time Inc asks for formal bids from potential buyers

Meredith Corporation & a group led by Edgar Bronfman Jr, have indicated interest in buying Time Inc

Time Inc, the publisher of Time, People and Sports Illustrated magazines, has requested formal bids from potential acquirers by next week, two people briefed on the plans said Tuesday.

Five parties, including Meredith Corporation and a group led by Edgar Bronfman Jr, have indicated interest in buying Time Inc. in its entirety, according to one of the people, who requested anonymity because the plans are private. At least one of the other suitors is said to be a public company.

Time Inc’s board has asked potential suitors to enter formal bids or refresh previously submitted informal bids by next week,