Time Inc. Buys Mexican Publisher
Time Warner Inc.'s Time Inc. arm said yesterday it bought Grupo Editorial Expansion, a Mexican publisher of upscale business and consumer magazines.The Mexico City firm's 15-title portfolio includes Expansion, the company's flagship and Mexico's No. 1 business magazine, as well as Quien, a biweekly celebrity and personality title with the most ad pages of any periodical in that market. Terms were not disclosed.
"International expansion is a key element of our growth strategy," Time Inc. spokesman Peter Costiglio said in New York. "We're always looking for acquisitions that are a logical fit and add value to Time Inc. GEE fit the bill."
Time Inc. in 2001 acquired London-based publisher IPC, giving it a sizable footprint in the British and Australian markets. The publisher already has an established presence in most major English-speaking media markets worldwide.
Mexican company Editorial Medcom S.A. de C.V. sold GEE, having bought it from Walt Disney Co. in 1993. GEE previously was owned by Chilton Publishing, which was bought by Capital Cities before its merger with ABC. Disney later acquired ABC.
