TIME ACQUIRES IPC GROUP
By Adnews Staff
Time Inc. has reached an agreement to acquire IPC Group Ltd., a consumer magazine publisher in the United Kingdom, for US$1.6 billion. IPC focuses on five areas: women's lifestyles, TV, home and garden, leisure and men's lifestyles. Its titles include What's on TV, TV Times, Woman's Own, Marie Claire, Loaded and Country Life. Don Logan, chairman and chief executive officer of Time Inc., said, "With some of the best known consumer brands in Europe, IPC provides Time Inc. with an important presence within the European consumer publishing sector." He also said the acquisition furthers parent company AOL Time Warner's goal of expanding its operations outside of the U.S. The acquisition remains subject to various clearances including approval from the European Union.