Bronfman-backed group walks away from Time Inc

An investment group backed by Edgar Bronfman Jr, former chief executive of Warner Music, Len Blavatnik, the billionaire owner of Warner Music Group, and Ynon Kreiz, who ran Maker Studios, will not pursue an acquisition because of a valuation gap, people said who were familiar with the situation.

The group was among a number of prospective buyers that signed non-disclosure agreements to look at Time’s books in recent weeks. Meredith, publisher of Better Homes and Gardens and Martha Stewart Living, is still considering a bid, people familiar with the matter said. The companies have flirted before with a deal. In 2013, Meredith discussed buying some Time Inc titles when they were still owned by Time Warner. Those conversations fell apart, and Time Warner ultimately spun the magazines into a separate company in 2014.

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