NEW YORK — The Nation, the 125-year-old weekly magazine, jumped into the takeover fray for Time Inc. on Friday--but its buyout proposal offered more in the way of wry commentary than cash or stocks.
"Ever since the Reagan Administration abandoned its enforcement of the antitrust laws and the congressional Democrats abandoned their plan to put a cap on conglomerate size, we've been looking for a way to do our part to protect the free enterprise system," wrote Editor Victor Navasky. "Now we have found it."
Navasky said he made his overture in a letter to Time Chairman J. Richard Munro that is being reprinted in the July 3 issue of The Nation, due to appear on newsstands next week.
"A white knight is coming to your rescue," Navasky wrote Munro, who heads the Time board that on Friday rejected a $10.7-billion buyout offer from Paramount Communications Inc.