After an investor group led by former Warner Music Group CEO Edgar Bronfman Jr. withdrew its bid to acquire Time Inc. this week, another bidder has been revealed. That group includes CEO of private investment firm Najafi Cos., Jahm Najafi, and private-equity firm Pamplona Capital Management.
The Wall Street Journal first reported the news Thursday.
The report added the two companies’ involvement suggests the bidding process for Time Inc. is still competitive.
Yesterday, Publishers Daily reported the Bronfman-led investor group -- which also includes media executives Ynon Kreiz and Len Blavatnik -- had backed out of discussions to acquire Time Inc.'s business.
Late last year, the group offered an $18 per share bid, which was rejected by Time Inc.’s board. The takeover bid valued the company at nearly $1.8 billion.
Time Inc., which publishes Time, Sports Illustrated and People magazine, asked potential buyers to submit acquisition offers by this week, after receiving interest from Meredith and Bronfman.
Once the offers are in, the board will decide whether it wants to pursue a sale, depending on how the bidders value the company. The board may also decide to sell individual magazine titles.
Time Inc. hired Bank of America Corp. and Morgan Stanley to field offers after rejecting Bronfman's bid.