Time board: company not for sale; stock plunges
NEW YORK (AP) — Time’s stock tumbled Friday after the publisher said its board is not considering a sale of the company.
The New York-based company said that a number of parties expressed interest in the business. But Time’s board decided the company was better off continuing with its current plan, which includes increasing revenue from its digital operations and using its brand on other platforms such as TV, events and new products.
Aside from its namesake magazine, it also owns brands like People, Sports Illustrated and Fortune.
Time Inc. shares ended the day down $3.10, or 17 percent, at $15.20.
The media giant is expected to report its first-quarter results on May 10.