"Fewer than 10" domestic entities and investors have reached out to Meredith Corp. (MDP) - Get Report about possibly acquiring Time magazine, CEO Tom Harty told employees Wednesday, March 21.

The media conglomerate hopes to finalize a sale within the next 60 to 120 days, he added, according to a source familiar with the discussion Wednesday. Meredith could not be reached for immediate comment.

It was reported last week that Meredith, which acquired Time Inc. for $2.8 billion in January, had hired Citigroup Inc. to advise on the potential sale of Time, Money, Sports Illustrated and Fortune magazines. Time Inc.'s portfolio when the deal was struck in November also included People, Travel + Leisure, Food & Wine, InStyle, Life, Golf Magazine, Southern Living, Essence, Real Simple and Entertainment Weekly magazines, although Time sold Essence in January and Emigrant Capital Corp.'s Howard Milstein has acquired Golf.

To read the rest of this story, please visit TheStreet's sister publication The Deal.

TheStreet Recommends