Time Inc says to pursue own strategic plan, shares plunge
April 28 Time Inc said on Friday its board had evaluated a number of expressions of interest but decided to pursue its own strategic plan, sending its shares down 19 percent in premarket trading.
The publisher of Sports Illustrated and People magazines said the board would continue to pursue its strategic plan, which includes changes to its cost structure.
Time's shares were down nearly 19 percent at $14.95 in premarket trading on Friday.
Earlier this month Reuters reported that U.S. media group Meredith Corp made a preliminary acquisition offer to Time that fell short of its price expectation. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)