Time Gains 15% of Shares Sought From Warner

Time Inc. marched closer to victory in its war with Paramount Communications, announcing Monday that it had received about 15% of the shares of Warner Communications that it is seeking in a tender offer.

A successful tender for Warner would make Time nearly takeover-proof, setting up the world’s largest media company.

“We are now probably in the eighth inning,” said analyst Kenneth Berents of First Wheat Singer Butcher. “I don’t see it going into extra innings.”

In the first stage of its acquisition plan, Time is offering to buy 100 million Warner shares, slightly more than half of those outstanding. It said Monday that it had received 14.7 million as of last Friday.

Time also announced Monday that it has extended the expiration date of its tender offer to July 24.