Time Inc. is the biggest magazine publisher in the US. According to a Bloomberg report, Time Inc. had acquired Food & Wine and Travel + Leisure from American Express Co. The magazine publisher also announced in a statement today that Black Inc., Departures and Executive Travel had been added to its roster of 21 titles. The financial terms were not disclosed in the statement.
The magazine firm had been preparing to spin off from Time Warner Inc. in the first quarter of next year. Time Warner CEO Jeffrey Bewkes announced that the company had planned to separate Time Inc. in March. This was after an unsuccessful effort to merge with Meredith Corp. The latter was a publisher of women's titles including Ladies' Home Journal.
After a four month search, Bewkes named Joseph Ripp as CEO of Time Inc. last July.
Ripp said in a note today to employees regarding the transaction, "I am very excited about the possibilities for expanding these world-class brands, along with the rest of our portfolio, as we prepare to become an independent company."
New York based American Express would sell the magazines due to banking regulations. Financial firms were restricted to engage in non-financial activities, Amex said in a statement.
Join the Conversation