Time Inc. on Friday said that after months of speculation with regard to whether the media company would be acquired, its board of directors has decided not to sell the company. Following the news, Time Inc. shares were down more than 19%. The company said the board had evaluated the expressed interests in the company, but has decided to continue its strategic plan. "We strongly believe in the future and potential of this company," said lead independent director John Fahey in a statement. He said the board has full confidence in Time Inc. Chief Executive Officer Rich Battista to execute on the company's strategic plan, which includes growth in digital audience and revenue led by branded native content and video, diversifying revenue across TV, over the top streaming, events, licensing and new products, as well as enhancing data, targeting and self-service programmatic advertising. "Time Inc. is a reinvigorated company uniquely positioned to succeed in the multi-platform media marketplace," Battista said in a statement. "The Company is better positioned to capitalize on this potential with its recent shift from a siloed, legacy publishing structure, to an integrated, enterprise platform structure." Shares of Time have gained more than 2% in the year to date and more than 22% over the prior 12-month period. By comparison, the S&P 500 index is up nearly 7% in the year and 15% in the last 12 months.
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