Time Inc. won the bidding for Tribune Co.'s Times Mirror Magazines and will pay $475 million for the unit. Excluding losses associated with Times Mirror's recently sold Sporting News
, the price represents a rich multiple of 18.3 times 1999 profits. The other final bidders were David Pecker's American Media and The New York Times Co., which was primarily interested in Times Mirror's Golf Magazine
. Gruner & Jahr USA Publishing and Primedia--which submitted a joint bid earlier in the process--and Emap USA dropped out of the process previously. Tribune Co. placed the magazine unit on the block in June.
Copyright October 2000, Crain Communications Inc.