Market Insider

Time shares spike 8 percent after receiving a bid from a group of investors

Time Inc. signage is displayed in the lobby of the company's new headquarters in New York.
Michael Nagle | Bloomberg | Getty Images

Shares of Time spiked 8 percent Thursday, after the company received a takeover bid from a group of media investors that includes billionaire Edgar Bronfman Jr.

The media company, whose shares closed the day at at $17.75, has reportedly tapped Morgan Stanley and Bank of America to assist in the takeover and field partnership interest.

In November, Time rejected a takeover bid from Bronfman when he offered $18 per share.

Time, the publisher of People, Time and Sports Illustrated, has struggled with declines in advertising and falling revenue. In the third quarter, the media company reported a 3 percent year-to-year sales drop and reduced its full-year guidance for 2016.