Meredith Corp. and an investor group led by Edgar Bronfman Jr. have advanced in their pursuit of Time Inc. as the publisher explores a possible sale, according to people familiar with the situation.

Meredith, which publishes such magazines as Family Circle, Shape and Better Homes & Gardens, in recent days signed a nondisclosure agreement with Time Inc. TIME, +0.80% and is expected in coming weeks to get a look at some of the company’s data and meet with its senior management, one of the people said.

The group led by Mr. Bronfman and Len Blavatnik’s Access Industries, whose earlier overtures to Time Inc. were rejected, has also signed a nondisclosure agreement and has already met with senior Time Inc. executives, one of the people said. A follow-up meeting is being scheduled. READ MORE