Time Inc. will buy all five of American Express Publishing’s magazine titles, the company is set to announce on Tuesday. Time Inc. CEO Joseph Ripp sent a memo to employees informing them of the deal.
TheWrap previously reported that the deal was “very close” to being finalized.
The acquisition gives Time Inc. all five of Amex Publishing’s titles: Travel + Leisure, Food & Wine, Departures, Executive Travel and Black Ink. Ripp wrote that he is “delighted” about the deal.
“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,” he added. Time, Inc. is set to spin off from parent company Time Warner in early 2014.
Here’s the full memo:
I am delighted to let you know that after a 20-year strategic relationship, American Express Publishing–including its leading luxury lifestyle titles such as Travel + Leisure and Food & Wine–will become part of the Time Inc. family.
Later today, we will announce our agreement to acquire Amex Publishing from American Express. After the transaction closes, Amex Publishing will report into Evelyn Webster, Executive Vice President and Group President of our Lifestyle Group.
Having served on the Amex Publishing advisory board for a number of years in the past, I have great respect for CEO Ed Kelly and the business he and his team have built. 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.
This transaction has been in the works for several months, and you’ll be hearing more about how it will unfold in the coming weeks. Today, please join me in welcoming the American Express Publishing team to Time Inc.