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Report: Verizon may be involved in Time buyout, too

Apr. 21, 2017 9:40 AM ETGray Television, Inc. (GTN) StockVZ, GTNBy: Jason Aycock, SA News Editor48 Comments
  • With a sales process flagging, Time Inc. (TIME -0.5%) could be invigorated with chatter around everyone's favorite rumored merger partner: Verizon (VZ -0.9%).
  • The telecom giant is said to be hanging around to see if it can top any deal for the venerable publisher, the New York Post's Keith Kelly says.
  • Speculation about Time's buyer has centered on publisher Meredith (MDP -0.7%) or a private-equity group, but another public company has been rumored in the mix, and Kelly's shareholder sources say that's Verizon -- which has also been linked to chatter about topping AT&T's bid for Straight Path, as well as willingness to talk about jumping into bed with Comcast and Disney.
  • Meredith is still seen as the leader, though with a price gap still to overcome, with Time trading at $18.50 but wanting something over $20/share.
  • Activist shareholders have until today to put forward a board slate for a June annual meeting.

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