Time Says It Has Financing: Time Inc....

Time Says It Has Financing: Time Inc. announced that 40 commercial banks were willing to provide up to $27 billion in financing for the cash portion of its proposed acquisition of Warner Communications for $14 billion. Time, which is battling to thwart a takeover bid by Paramount Communications, said the banks’ financial commitment far exceeds the $8.35 billion in debt needed for the cash tender portion of its acquisition of Warner. Paramount offered early last month to buy Time for $10.7 billion and later raised its bid to $12 billion after Time offered to buy Warner.