The magazine publisher’s stock price jumped on reports it has hired financial advisers.
After receiving an unsolicited takeover offer, magazine publisher Time Inc. has hired financial advisers to field potential bids for the company and investigate other strategic moves, according to a Wall Street Journal report.
Shares of the company, which owns a number of landmark titles including People, Sports Illustrated, and Fortune, climbed as much as 9% Thursday on the news that it has hired Morgan Stanley and Bank of America as financial advisers. That took the share price TIME to $17.75, its highest point in more than a year.
The Journal story said people “familiar with the matter” had confirmed that Time Inc. hired the banks to review proposals and that a sale or deal is not guaranteed. A Time Inc. spokesman wouldn’t confirm the report, saying the company doesn’t comment on speculation, and a Morgan Stanley spokesman also declined to provide a comment.