Here's the Time Inc. head Ann Moore's "peace out, suckers" memo to the newly-sold kids at Time 4 Media.
To: The Parenting Group and Time4 Media staffFull Time Inc. press release after the jump.
From: Ann Moore
Re: Today's Announcement
Today's announcement was a difficult one for us at Time Inc. We've enjoyed working with you and have respected the enthusiasm and expertise you have brought to your magazines.
But I am very pleased that you have found a new home at Bonnier and World Publications. Europe-based Bonnier's values are founded on freedom of speech, responsibility and quality, and they particularly prize the talent and integrity of their employee base. The company isalso committed to special-interest magazines - making Bonnier a great fit to nurture and help grow these brands.
I am confident this transaction offers you the best opportunity to strategically grow your businesses.
Please know that I am joined by all of my colleagues at Time Inc. in wishing you great success.
For Immediate Release
BONNIER MAGAZINE GROUP BUYS 18 MAGAZINES FROM TIME INC.
(New York, January, 25, 2007) - Bonnier Magazine Group and Time Inc., a Time Warner company (NYSE: TWX), today announced that Bonnier will acquire Time Inc.'s Parenting Group and Time4 Media titles. Through this transaction, Stockholm-based Bonnier and its U.S. magazine partner, World Publications, will become one of the largest consumer publishing groups in America, with 40 titles and annual revenue of more than $350 million.
Under the proposed agreement, Bonnier will acquire 18 titles, which will join World Publications' award-winning, market-leading collection of magazines, such as Saveur, Spa and Islands. The expanded portfolio strengthens the company's position among special-interest magazines and increases its new media opportunities.
Jonas Bonnier, Chairman of the Bonnier Magazine Group, said: "We are extremely pleased to have reached an agreement that elevates Bonnier to the highest echelon of consumer publishers nationwide. The potential synergies between the new properties and World's existing titles — as well as the corporate and individual growth that it will lead to — makes the future bright for all of us."
This is Bonnier's third acquisition in the United States during the past year and its first major purchase of a magazine group after its partnership with World.
Terry Snow, CEO of World Publications, said: "These new titles are a perfect strategic fit with World's special-interest magazines and what we excel at — connecting people with their passions. And I am especially looking forward to working with this talented group of editing and publishing executives. We're committed to building high-quality brands through exceptional editorial products, whether in print or online, and the potential to be the leading multimedia resource in our new and existing special-interest areas is very exciting to us."
Dick Parsons, Time Warner Chairman and Chief Executive Officer, said: "This is a smart transaction that advances both the interests of our shareholders and Time Inc.'s future success. This sale and our other recent divestitures are enabling us to concentrate our resources on developing our most strategic and promising opportunities to grow our businesses."
Ann Moore, Time Inc. Chairman and CEO, said: "I am very pleased to have found the right buyer for The Parenting Group and Time4 Media, one that will be able to nurture their specialized titles. This transaction underscores Time Inc.'s commitment to focus our energy, resources and investment on our biggest and most profitable brands. I'd also like to welcome Bonnier to the New York publishing world, which continues to be an active and vibrant industry."
The acquired magazines are as follows: Parenting, Babytalk, Popular Science, Field & Stream, Outdoor Life, Yachting, MotorBoating, Salt Water Sportsman, Skiing, SKI, TransWorld SKATEboarding, TransWorld SNOWBOARDING, TransWorld MOTOCROSS, TransWorld SURF, ride bmx, QUAD, SHOT BUSINESS and TransWorld business. Editorial, sales and marketing staffs will remain in New York, California and Colorado.