A leading contender to purchase Time Inc. dropped out of the bidding process after the publisher set a deadline for final bids within two weeks, according to people familiar with the matter.

An investor group that included Edgar Bronfman Jr., Len Blavatnik’s Access Industries and media executive Ynon Kreiz informed Time Inc. of its withdrawal on Wednesday evening, said these people.

The group made two overtures to Time Inc….

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WSJ.com: US Business

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