Time reached an agreement on Tuesday with American Express Company to acquire AmEx Publishing—including such brands as “Travel + Leisure” and “Food & Wine”—in a deal expected to close in the fourth quarter.
“We have a long-term relationship with Time Inc. that goes back many years,” AmEx CMO John Hayes said. “Under [AmEx Publishing President and CEO] Ed Kelly’s leadership, American Express Publishing has done extraordinary work with great skill, passion and accomplishment. While the company has outperformed its peers by creating editorial products of exceptional quality, banking regulations limit our ability to engage in non-financial activities. We concluded that Time Inc. is the ideal partner to continue the group’s tradition of excellence, and we expect to work closely with them on a range of marketing initiatives in the future.”
Time and AmEx have had a relationship for the past 20 years, during which Time has provided management services support. The AmEx Publishing brand reaches 36 million customers across the world, and the company’s portfolio includes retail stores, social media platforms, digital properties and magazines and books.
“We’ve built a great business around respect for our people and the brands that they serve,” Kelly said. “This sale is a formula for success that will allow us to further develop our extraordinary brands, services and traditions, and we look forward to being part of the Time, Inc., family.”