Time Inc attracts Najafi-Pamplona group
Time Inc [NYSE:TIME], a New York-based media group, has attracted a group including Najafi Cos CEO Jahm Najafi and Pamplona as a bidder, The Wall Street Journal reported.
The item, citing sources familiar with the matter, reported that while the sale process is seemingly close to being completed, the emergence of a new bidding group suggests that it remains competitive despite the withdrawal of another bidding group from the race.
As previously reported, the group comprising Edgar Bronfman, Access Industries and Ynon Kreiz has walked away.
The Iowa-based publisher Meredith [NYSE:MDP] is still mulling an offer among other interested entities, as reported.
The deadline for final offers is within a fortnight, the item said.