Time Inc UK’s magazine and digital portfolio, including NME and Marie Claire, has been sold to a private equity firm for an undisclosed sum.
London-based company Epiris Fund II announced it had acquired Time Inc UK today, just three months after US media company Meredith Corp bought out Time Inc (including its UK arm) for $2.8bn.
Time Inc UK’s portfolio of more than 50 brands includes consumer magazines Woman’s Weekly and Ideal Home, specialist titles including Wallpaper*, Cycling Weekly and Horse & Hound and entertainment publications What’s On TV and TV Times.
The combined brands reach 17m adults and 13m digital users across the UK, Epiris said.
Marcus Rich, chief executive of Time Inc UK, said: “Time Inc UK is home to some of the best known brands in the UK and we are delighted to be partnering with Epiris and with Bernard as we continue our transformation journey.
“They share the same vision for our business and we are excited by the fresh insight they will bring as we shape our shared plans for the business in the years ahead.”
Rich joined Time Inc UK in 2014 from DMG Media, and leads the company alongside incoming executive chairman Bernard Gray, who is chairman of New Scientist and former non-executive director of Immediate Media.
Epiris said financial terms of the transaction would not be disclosed, but sources told the New York Post the deal was worth around $167m. The transaction is expected to close by the end of the first quarter.
Chris Hanna, partner at Epiris, said: “At its heart this is a diverse, robust and cash-generative business.
“We intend to bring clarity and simplicity to it, to focus on maximising the potential of its high-quality portfolio. We are excited about implementing our plans in partnership with Bernard, Marcus and the team.”
Time Inc was formerly known as IPC Media in the UK before it was rebranded in 2010. The UK unit was bought by Time Warner in 2001 for $1.6bn.