Cablevision Considers Bid for Time Inc.

Cablevision Systems Corp., a large Time Inc. shareholder that is unhappy with Time’s $14-billion offer to buy Warner Communications Inc., may bid for Time itself, according to a letter made public today.

The letter, dated July 3 and written by an attorney representing Time and sent to a Delaware court, said Cablevision Media Investors, a partnership affiliated with the Woodbury, N.Y.-based cable television operator, was “actively considering” a bid for Time.

Sources said the letter was sent by Time to the Delaware Chancery Court, which next week will consider a preliminary injunction against a takeover of Warner by Time, after Cablevision refused to release certain documents to Time on the grounds that it was considering making its own offer.