Meredith (NYSE: MDP) has reached out to Time (NYSE: TIME) to express a renewed interest in acquiring the media company, according to Bloomberg. Time's shares closed the week at $18.60, giving the company a market cap of about $1.84 billion. Time reportedly turned down a $2 billion offer last year from investors Edgar Bronfman Jr. and Ynon Kreiz, both of whom maintain their interest in acquiring the magazine publisher, per Bloomberg.
Meredith and Time nearly came together in 2013, but Time Warner CEO Jeff Bewkes elected to separate Time from its parent company rather than merge the magazine publishing business with Meredith's own, which includes Better Homes and Gardens. Time's board is expected to meet this month to discuss options.