Time Warner Inc is in talks to sell the majority of its magazine division to Meredith Corp , according to a source familiar with the situation.The source, who asked not to be named, said the talks are in the early stages and were "very fluid." The valuation being ascribed to Time Inc, the nation's largest magazine publisher with titles such as Time, Sports Illustrated and People, ranges from $2 billion to $3.5 billion.A report in Fortune magazine, one of Time Inc's titles, said a meeting with a potential buyer was scheduled for today.A Time Inc representative did not immediately return a request for comment. A representative for Meredith declined comment.
Meredith Corporation (Meredith) is a media and marketing company. Shares of MDP fell by 0.13% or $-0.05/share to $37.98. In the past year, the shares have traded as low as $26.89 and as high as $38.16. On average, 460100 shares of MDP exchange hands on a given day and today's volume is recorded at 490382.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 0.67% or $0.35/share to $52.85. In the past year, the shares have traded as low as $33.62 and as high as $52.85. On average, 6028540 shares of TWX exchange hands on a given day and today's volume is recorded at 9523902.
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