Meredith has rid itself of Time Inc UK after months of speculation and even delays. Time Inc UK’s new owner is private equity firm Epiris. Financial details of the deal were not disclosed and for now Time Inc UK’s current management is staying put. Among the magazines included in the sale were Decanter, Wallpaper, Woman’s Weekly and Cycling. These are part of the 50+ brands that make up the Time Inc UK stable. The sale allows to Meredith which completed its acquisition of Time Inc on January 31st to focus more on streamlining its US operations as it continues to integrate the former Time Inc brands into its operations. It is believed that Meredith will unload US titles like Sports Illustrated, Fortune, Entertainment Weekly and Time, the former flagship of Time Inc. While Time Inc tried and failed to sell its Florida based customer service business, Meredith simply decided to lay off a majority of the staff at the division and outsource the functions to Hearst. The sell off of the once iconic media giant is still in process as former Time Inc-ers watch in horror and uncertainty about their own future.
Said Time Inc UK CEO Marcus Rich:
“Epiris shares the same vision for our business and we are excited by the fresh insight they will bring as we shape our shared plans for the business in the years ahead.”
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