Private equity investor Epiris has agreed to acquire Time Inc UK (TIUK), one of the UK’s largest consumer magazines and digital publishers, from Meredith Corporation.
Financial terms of the transaction are not being disclosed, although there have been reports the deal was worth around £130m.
TIUK’s 50-plus brands reach 17 million adults and 13 million online and digital users across the UK.
The portfolio spans a range of interest areas, from entertainment and women’s lifestyle to luxury, sports and technology. Amongst its titles are Woman’s Weekly, Country Life, Ideal Home and Trusted Reviews, as well as specialist titles such as Decanter, Wallpaper, Cycling Weekly and Horse & Hound. Entertainment titles, including What’s on TV and TV Times, sell more than a million copies each week.
The company is led by CEO and PPA Chairman Marcus Rich (pictured), who joined TIUK in 2014 from DMG Media. Rich is also a former managing director of Emap Australia.
Sir Bernard Gray, who is chairman of New Scientist and formerly non-executive director of Immediate Media, will become executive chairman.