New York – Time Inc. and American Express Company (NYSE: AXP) today announced an agreement for Time Inc. to acquire American Express Publishing Corporation. The sale is expected to be completed in the fourth quarter of 2013, subject to satisfaction of customary closing conditions. American Express Publishing, with brands including Travel + Leisure and Food & Wine, will become a wholly-owned subsidiary of Time Inc.
"American Express Publishing is home to the most desirable brands in the luxury space and we're delighted they will become part of Time Inc.," said Joe Ripp, Chief Executive Officer, Time Inc. "We have deep respect for Ed Kelly and his talented team. We know their business well and we believe we can create some exciting synergistic opportunities across our portfolio."
“We have a long-term relationship with Time Inc. that goes back many years,” said John Hayes, Chief Marketing Officer, American Express. "Under Ed Kelly's leadership, American Express Publishing has done extraordinary work with great skill, passion and accomplishment. While the company has outperformed its peers by creating editorial products of exceptional quality, banking regulations limit our ability to engage in non-financial activities. We concluded that Time Inc. is the ideal partner to continue the group’s tradition of excellence, and we expect to work closely with them on a range of marketing initiatives in the future."
"We've built a great business around respect for our people and the brands that they serve," said Ed Kelly, President and Chief Executive Officer of American Express Publishing Corporation. "This sale is a formula for success that will allow us to further develop our extraordinary brands, services and traditions, and we look forward to being part of the Time Inc. family."
The acquisition follows a 20-year relationship between Time Inc. and American Express Publishing during which Time Inc. has provided management services support to the company. Eligible American Express Card Members will continue to receive Departures, Black Ink and Executive Travel.
The American Express Publishing brands reach 36 million consumers worldwide across its portfolio which includes the company’s magazines and branded books, digital properties, social media platforms, membership clubs, retail stores and more than a hundred events and experiences.
About Time Inc.
Time Inc., a division of Time Warner, is one of the largest branded media companies in the world reaching more than 130 million Americans each month across multiple platforms. With influential brands such as TIME, PEOPLE, SPORTS ILLUSTRATED, InStyle, and REAL SIMPLE, Time Inc. is home to celebrated events and franchises including the FORTUNE 500, TIME 100, PEOPLE's Most Beautiful and SPORTS ILLUSTRATED'S Sportsman of the Year.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/companies/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
About American Express Publishing Corporation
American Express Publishing Corporation became a subsidiary of American Express in 1968 after its purchase of U.S. Camera & Travel. The title was re-launched as Travel + Leisure in 1971 and today is the world’s most influential travel brand. The company went on to introduce Food & Wine, originally an editorial test within Playboy, with the May 1978 issue and Departures, exclusively published for Platinum Card® and Centurion® Members, in 1985. Black Ink, an exclusive benefit for Centurion® Members, launched in 2004.
American Express Publishing Corporation produces authoritative lifestyle content that empowers affluent, primed consumers - and the businesses that serve them - to make informed decisions. We tell customers where to fly, what to try, and what to buy next. Through the lens of five multi-media brands – Travel + Leisure, Food & Wine, Departures, Executive Travel and Black Ink – content is available in magazines and branded books, on websites, e-reader and tablet editions, social media platforms, on-air, through membership clubs, retail stores and more than a hundred events and experiences. American Express Publishing's brands are published in over 70 countries with 25 editions in nine languages. Follow us on Twitter @AmexPublishing.
Information Related To Forward-Looking Statements
This release includes forward-looking statements that reflect management’s expectations about future events. These forward-looking statements are subject to risks and uncertainties. The words “believe,” “expect,” “anticipate,” “intend,” “intent,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Neither American Express nor Time Inc. undertake any obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: events impacting the likelihood and timing of the completion of the transaction, such as regulatory and other approvals, and Time Inc.’s ability to successfully integrate American Express Publishing upon consummation of the transaction. A further description of such factors can be found in each of American Express’ and Time Warner Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012, each of its Quarterly Reports on Form 10-Q for the three months ended March 31 and June 30, 2013, and each of the Companies’ other reports filed with the SEC.