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Time Inc Mag Sale Delayed

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A month ago or so we mentioned that Time Inc was feeling crunched for time, worried about whether it would make significant progress in the sale of 18 magazines by year end. This morning, Ad Age reports that the delay is now official: second round bids aren't expected before January 2nd.
January 2nd? Oh, that will make several teams of lawyers and investment bankers very happy on New Year's Day. Meanwhile, the magazines continue to lose staffers. We know one editor has already fled to Conde Nast and another who has taken refuge in northwest Ireland, leaving the magazine trade altogether.
Time Inc. Sale of 18 Titles Stalls [Advertising Age]