Time board: company not for sale; stock plunges

AP News
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Posted: Apr 28, 2017 10:38 AM
Time board: company not for sale; stock plunges

NEW YORK (AP) — Time's stock is plummeting after the publisher said its board is not considering a sale of the company.

The New York-based company said Friday that a number of parties expressed interest in the business, but no sale process was ever begun. Time's board decided the company should continue with its strategic plan, which includes growing its digital revenue and brand extensions. Aside from its namesake magazine, it also owns brands like People, Sports Illustrated and Fortune.

Time Inc. shares tumbled more than 15 percent in morning trading.

The media giant is expected to report its first-quarter results on May 10.