P.M. BRIEFING : Time Extends Warner Tender Offer : Time Inc. Extends Its Tender Offer for Warner Shares Until July 24

Time Inc. said today it has extended the expiration of its $70-a-share tender offer for 100 million shares of Warner Communications Inc. until July 24, when the Delaware Supreme Court is scheduled to hear a request to enjoin the transaction.

Last week, the Delaware Chancery Court rejected a request by Paramount Communications Inc. to block the $14-billion offer, which will include cash and a combination of debt or equity for the purchase of Warner’s 198 million outstanding common shares.

But the court issued a 10-day injunction until July 24 while Paramount, which has made a hostile $12.2-billion offer for Time, appeals the decision against the stay to the higher court.

The high-stakes controversy emerged when Paramount made an initial $175-a-share offer for Time after the media giant announced a merger agreement with Warner that would create the world’s largest entertainment and media conglomerate.

Time said that as of noon July 14, about 14.7 million shares of Warner common stock had been tendered. The tender offer had been set to expire July 17.