Time rejects $1.8B takeover bid

Time Inc. reportedly rejected a $1.8 billion takeover bid by billionaire Edgar Bronfman Jr., people familiar with the matter told the New York Post.

Bronfman and Len Blavatnik’s Access Industries submitted a bid to buy the publisher of People, Time and Sports Illustrated for $18 a share, the people said.

Time Inc. was founded 94 years ago.

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