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Wednesday, 25 July, 2001, 18:36 GMT 19:36 UK
AOL snaps up IPC magazines
Logos of the AOL Time Warner group
AOL Time Warner has bought IPC, the UK's largest consumer magazine publisher, from private equity firm Cinven for 1.12bn.

IPC will give the US media giant an important foothold in Europe as it seeks to broaden its international reach following its own merger last year.

The deal is the first major international acquisition by AOL's magazine division Time, which has previously laid a heavy emphasis on the domestic mass-market.

IPC publishes more than 100 magazines in Britain - including Marie Claire, TV Times and Loaded - selling a total of 350 million copies annually.

European regulators must still approve the deal.

Magazine consolidation

Cinven bought 56% of IPC from Anglo-Dutch publisher Reed Elsevier three years ago as part of a management buyout, which valued the company at 860m ($1.23bn).

But Cinven has been looking to ditch its acquisition for some time.

AOL Time Warner's 70-strong magazine portfolio includes the Time, Fortune and Sports Illustrated titles.

The company has said it wants to boost the proportion of revenues it receives from foreign operations to 50% within a decade, from 20% today.

The IPC takeover is the biggest transatlantic deal seen in the magazine industry.

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