Joe Ripp, Time Inc.’s new CEO, has made his first big move: Purchasing American Express Publishing and its five titles. As part of the deal, AmEx Publishing — the company behind Departures, Travel + Leisure, Food & Wine, Executive Travel and Black Ink — will become a subsidiary of Time Inc.
As with any large buy, the Time Inc. acquisition was accompanied by a variety of statements that all sound the same. “American Express Publishing is home to the most desirable brands in the luxury space and we’re delighted they will become part of Time Inc.,” said Ripp. Ed Kelly, president and CEO of AmEx Publishing, added “This sale is a formula for success that will allow us to further develop our extraordinary brands, services and traditions.”
The deal is expected to be completed by the end of this year. Financial details weren’t disclosed. But feel free to guess.