Time Inc. publishing division has acquired Mexico City's Grupo Editorial Expansion.
Grupo Editorial Expansion is a 15-title-strong publisher of consumer and business magazines in Mexico founded nearly 30 years ago. Financial terms of the transaction were not disclosed, though an industry analyst put the value of the deal around $60 million.
Its portfolio includes
, the company's flagship business magazine and
, a biweekly celebrity magazine that, according to the company, carries more advertising pages than any other Mexican periodical. The portfolio also includes fitness, health, architecture, an in-flight title and others.
"With international expansion a key element of our growth strategy, this is an ideal acquisition for us," said Time Inc. CEO Ann Moore. "Grupo Editorial Expansion is a terrific company with an impressive management team and world-class editorial products. This represents an exceptional opportunity to establish Time Inc. as a major presence in the dynamic Mexican magazine market."
Moore added that the success of British publisher IPC, which Time Warner acquired in 2001, gives the company confidence in its further international expansion through this acquisition.
Grupo Editorial Expansion is currently owned by Editorial Medcom, a Mexican company owned by the Serna family and La Caisse de Depot et de Placement du Quebec, a pension fund.