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Tony Fischer/Flickr

Time Inc. announced Friday that it no longer plans to sell itself, and will instead focus on its strategic growth plan — growing its digital audience and revenues through native content, diversifying its revenue stream through streaming opportunities and events, enhancing automated advertising opportunities and restructuring its cost structure.

Why it matters: Time Inc. has been flirting with a sale for months, and asked potential buyers to submit offers a little over a month ago. The bait-and-switch decision points to Time's inability to find a buyer. Reports surfaced last month that a bid by presumed front-runner for the acquisition, Meredith Corp., was dropped after it was initially rejected by Time last November.

For investors: Stocks fell 19% Friday morning in light of the announcement. Shares were valued at $17.55 USD, up nearly 40% percent since November, when they initially asked for bids in February.

Go deeper

Dan Primack, author of Pro Rata
13 mins ago - Economy & Business

Coinbase files to go public

Illustration: Eniola Odetunde/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a direct listing.

Why it matters: This comes in the midst of a crypto boom, and the listing may further legitimize the industry.

Trump’s blunt weapon: State GOP leaders

Trump supporters rally near Mar-a-Lago on Feb. 15. Photo: Joe Raedle/Getty Images

President Trump didn't have to punish his critics in Congress — his allies back in the states instantly and eagerly did the dirty work.

Why it matters: Virtually every Republican who supported impeachment was censured back home, or threatened with a primary challenge.

The modern way to hire a big-city police chief

Illustration: Annelise Capossela/Axios

When it comes to picking a city's top cop, closed-door selection processes have been replaced by highly public exercises where everyone gets to vet the candidates — who must have better community-relations skills than ever.

Why it matters: In the post-George-Floyd era, with policing under utmost scrutiny, the choosing of a police chief has become something akin to an election, with the need to build consensus around a candidate. And the candidate pool has gotten smaller.