[USA Today]
Time Inc. said Tuesday it has reached an agreement to buy the magazine publishing unit of American Express, whose titles include Travel + Leisure and Food & Wine.
Time is also buying American Express Publishing’s other related properties, including membership clubs, retail stores and events.
Financial terms weren’t disclosed. The sale is expected to be completed in the fourth quarter of 2013.
The acquisition of American Express Publishing broadens Time’s exposure to the magazine market targeting big spenders. American Express’ other titles include two business travel magazines – Departures and Executive Travel – and luxury shopping shopping guide Black Ink. The three titles were sent to some American Express card members, and the acquisition doesn’t affect their subscription.