Time said to move closer to sale

Time Inc. is moving closer to a sale that could value the magazine publisher at more than $20 a share, according to people familiar with the process.

A sale of the entire company is now more likely than not, and may be reached as soon as the end of next week, the people said, though discussions could drag into early April. Des Moines-based Meredith Corp. and a group including Pamplona Capital Management and Jahm Najafi are still in the running to buy the entire business, alongside at least two other suitors including one publicly listed company, the people said.

A bid at more than $20 a share would value Time at about $2 billion. Time shares are up more than 40 percent since Nov. 25, the last day of trading before it was reported that an investor group led by Edgar Bronfman Jr. had made an offer.

The company currently has a market valuation of about $1.9 billion.

Meredith, which publishes titles such as Family Fun and MidWest Living, is seen as the most likely winner as it has the most obvious synergies with Time, the people said. There are doubts, however, that a final deal with Meredith will be reached after it failed to agree on a previous transaction with Time in 2013, the people said.

Time Warner CEO Jeff Bewkes decided to separate Time from the parent company instead of combining it with Meredith.

No deal with any party has been finalized and talks may still fall apart, the people said.