Time Inc. began showing its books to prospective suitors this week, The Post has learned.
A team led by billionaire investors Edgar Bronfman Jr., Warner Music Chairman Len Blavatnik and former Maker Studios CEO Ynon Kreiz got their first serious look at the books and a chance to question Time Inc. executives on Monday, sources said.
The three are pals with past business ties — although not one of them has any publishing experience.
The Post reported exclusively in late November that the trio had approached the board about a sale — but were quickly rebuffed.
Time eventually hired bankers to explore a sale.
Rival magazine publisher Meredith Corp. is said to be keenly interested.
A second publisher, Hearst, is expected to sit out the process with the hope that a secondary market develops on some of the titles. Some titles could be sold off if Time Inc. is sold — particularly if a private equity buyer materializes.
American Media Inc., owner of the National Enquirer, is also said to be circling, but most expect that it may be angling, too, for a secondary market play for the weeklies — like People, Time and Sports Illustrated.
Meredith, which owns monthly magazines, is not interested in the weeklies, sources said.
AMI sold Meredith its Shape magazine, and the executives at both companies are chummy. They also have to live with each other over the near future as the price tag of Shape included payouts based on future earnings.
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