P.M. BRIEFING : Time Stock Soars on Bass Purchase
- Share via
NEW YORK — Time Inc. stock shot up nearly $9 a share today following a published report that Robert M. Bass Group had acquired more than 2% of its stock.
The Bass group is considering several options, including a possible offer for Time, the Wall Street Journal said in today’s editions.
Time and Warner Communications Inc. said March 4 they planned to merge to create the world’s largest information and entertainment company. Some investors have complained that the terms of the merger make it a bad deal for Time shareholders.
Time was up $8.75 a share at $120 in late-morning trading on the New York Stock Exchange, slightly off its high of the session. Warner stock was up $1.12 1/2 at $48.50.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
