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SAN FRANCISCO, March 8 (Reuters) - An investor group led by former music executive Edgar Bronfman Jr has dropped out of bidding for Time Inc, owner of People and Sports Illustrated magazines, according to a source familiar with the matter.
The group, which also included media executive Ynon Kreiz, decided that the price Time Inc was asking for was too high considering the turnaround that was needed to boost growth, the person said, asking not to be named because the matter is private.
A representative for the investor group declined to comment while Time Inc could not immediately be reached for comment.
The Wall Street Journal first reported the news on Wednesday. (Reporting by Liana B. Baker in San Francisco; Editing by Sandra Maler)