Time Inc (TIME.N) said it was “definitely” not up for sale on Friday, sending its shares and those of U.S. broadcasting and publishing group Meredith Corp (MDP.N), its most prominent suitor, sharply lower.

While Time did not say who it had been in discussions with about a potential sale, sources said the move ended two months of talks with Meredith. Their merger would have united Meredith’s Better Homes & Gardens and Family Circle magazines with Time’s stable of publications including People and Fortune.

Time’s shares closed down 17 percent at $15.2 percent in New York on Friday, leaving the company with a market capitalization of $1.5 billion. Meredith stock dropped 9.7 percent to $59.20, giving it a market value of $2.7 billion.

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