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News > Deals
Time buys IPC for $1.6B
July 25, 2001: 1:07 p.m. ET

AOL Time Warner unit acquiring UK publisher, over 100 magazine titles
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NEW YORK (CNNfn) - AOL Time Warner agreed Wednesday to acquire UK publisher IPC Group Ltd. from investment firm Cinven for $1.6 billion cash, expanding AOL's magazine footprint outside the United States.

Time Inc., a unit of media conglomerate AOL (AOL: down $0.01 to $42.69, Research, Estimates), will add IPC's portfolio of more than 100 titles that include such magazines as Marie Claire and Loaded.

It is unknown how long it will take to close the purchase, which is conditional upon securing European Union approval and other customary conditions, a spokesman said.

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"With some of the best known consumer publishing brands in Europe, IPC provides Time Inc. with an important presence within the European consumer publishing sector," Time Inc. CEO and Chairman Don Logan said.

London-based Cinven is a private equity group that is a majority shareholder of IPC, which it bought in 1998 from Reed Elsevier PLC for £860 million.

The purchase was expected and news of the acquisition first appeared earlier this month in the Financial Times.

Time Inc. publishes over 60 magazines including People and Sports Illustrated as well as Time. AOL Time Warner also is the parent company of CNNfn. graphic

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AOL Time Warner in talks to buy IPC - July 13, 2001





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.