Time Inc. Buys IPC
Time Warner AOL's magazine division, Time Inc., publisher of Time, People and Sports Illustrated, bought UK-based IPC Media for a reported $1.6 billion from Cinven. Recently, Time Inc. also closed a $68 million sale for Business 2.0 after purchasing the Times Mirror magazine group last year for $475 million.
Currently, IPC publishes British brands of bestselling magazines, such as Marie Claire and Loaded, as well as 100 other culture and gender-centric titles.
Time Inc. spokespersons report that since teaming with AOL, Time Warner's mission is expansion through acquisition. No other details are available at press time.