Time Inc. Sells 18 Titles To Swedish Publisher
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Magazine publisher Time Inc. said yesterday it is selling 18 of its smaller titles including Popular Science, Field & Stream, and Parenting to Swedish publisher Bonnier Magazine Group.
The sale marked the latest effort by the magazine company to restructure its business and adapt as readers and advertisers increasingly look to the Internet for news, entertainment, and information.
Time Inc. originally put the magazines up for sale last fall, and the sale had been widely expected. The sale price was between $220 million and $230 million, according to two people familiar with the transaction who spoke on condition of anonymity because the financial terms have not been officially disclosed. The 18 titles are part of Time’s Parenting group and Time4Media. Time Inc. is part of the media and entertainment conglomerate Time Warner Inc.
