Time Inc., the publisher of Time, People and Fortune, has rejected a takeover bid from billionaire investor Edgar Bronfman Jr., the New York Post reported on Monday.

Bronfman offered $18 per share, the Post reported, representing a premium of 30.4 percent to Time Inc’s time Friday close and valuing the publisher at $1.78 billion.

Bronfman, who is a managing partner of private equity firm Accretive LLC, made the bid along with Russian-born billionaire Leonard Blavatnik, the founder of holding company Access Industries, and Israeli businessman Ynon Kreiz, the Post reported.

Bronfman, a former chief executive of Warner Music Group, has a long history in the media and entertainment world. His family made its fortune from Seagram’s, once the largest distiller of alcoholic beverages in the world.

Time Inc and Access Industries did not immediately respond to requests for comment, while Bronfman could not immediately be reached.