A group that includes Jahm Najafi, chief executive of the Phoenix-based investment firm Najafi Companies, and private-equity firm Pamplona Capital Management has emerged as a bidder for Time Inc (TIME.N), the Wall Street Journal reported, citing people familiar with the matter.

Reuters reported on Thursday that an investor group led by former music executive Edgar Bronfman Jr dropped out of bidding for Time, according to a source familiar with the matter.

Time, the publisher of People and Sports Illustrated magazines, could not be immediately reached for comment.

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