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 to discuss private company plans. At least one of the other suitors is said to be a public company.
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