Time Inc may be off the sale block but that isn’t stopping American Media Inc CEO David Pecker from exploring possibilities like an acquisition or merger. See Mr. Pecker has always had a thing for Time Inc and its stable of top notch media brands like Time, Sports Illustrated and People. His thing for Time Inc goes back to when Time Warner was looking to spin off the company and even before that. According to a lengthy feature on NewYorker.com by Jeffrey Toobin, Mr. Pecker’s name was being considered as CEO for an independent Time Inc. Even his long time pal Donald Trump indirectly tried to get the attention of TimeWarner’s brass via some endorsing tweets to David Pecker in an effort to convince them that Pecker was their guy to run the company. But Time Warner management didn’t bite let alone see any of those tweets and decided to go with a safe and boring choice when it selected Joseph Ripp. Mr. Pecker who has been on a shopping spree of late snatching up titles like Us Weekly and Men’s Journal is still trying to get his hands on Time Inc and has been even since that day.
Pecker remains interested in running Time, Inc., with its stable of weeklies, including Time, Sports Illustrated, and the great prize, People. For a while, the company was shopping itself to potential buyers, and though it’s not officially on the market, these sorts of auctions generally end, sooner or later, with a sale. A.M.I. faces many of the same financial challenges as Time, Inc., and an adviser to Pecker describes the prospect of a merger between them as “two drunks trying to hold each other up.”
You might also like
More from ACQUISITIONS
According to a report from Yahoo Finance, Amazon founder/CEO and the world's second richest man Jeff Bezos considered buying Time …