Time Inc said on Friday it had evaluated potential offers but decided to pursue its own strategic plan, sending its shares tumbling more than 20 percent.

The publisher of Sports Illustrated and People magazines said the strategic plan included revamping its cost structure and focusing on its digital business.

Time Inc said it had not initiated a sale process, but the board evaluated expressions of interest with the help of external advisers.

The Wall Street Journal reported in December that the publisher had tapped Morgan Stanley and Bank of America to help field takeover or partnership interest.

Time Inc has been the subject of buyout rumors amid a relentless decline in print media as advertisers shift to digital platforms.

Reuters reported earlier this month that U.S. media group Meredith made a preliminary offer that fell short of Time Inc’s price expectation.

While Time Inc was seeking more than $20 per share, Meredith had made a preliminary offer with a price range that valued it below that level, the report said, citing people familiar with the matter.

Time Inc’s shares were trading at $15, down 18 percent.