Time's Stock Spikes Up After WSJ Report That It Sought Buyout Interest

Time Inc.'s stock surged 7.8% in afternoon trade toward a 13-month closing high, after The Wall Street Journal reported the magazine publisher had hired banks to field buyout or partnership interest. The stock The report, which cited people familiar with the situation, said the company hired Morgan Stanley and Bank of America Corp. , but that there was no guarantee there will be a sale or any other deal. The company has been struggling with declining advertising and newsstand revenue, the report said. The stock was trading up about 0.8% at $16.58 around 3:06 p.m. ET, just before the WSJ report ran, then soared as much as 9.1% to an intraday high of $17.95, before paring some gains. The stock was now up 13% year to date, while the S&P 500 has gained 9.8%.