Time Inc. acquires Mexico's Grupo Editorial

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[New York] time inc. has acquired Grupo Editorial Expansi¢n, Mexico's second-largest magazine publisher. Terms were not disclosed, but industry observers estimated that the deal was worth $60 million to $65 million.

"With international expansion a key element of our growth strategy, this is an ideal acquisition for us," said Ann Moore, chairwoman-CEO of Time Inc., in a statement.

Grupo Editorial Expansion owns Mexico's leading business magazine, Expansi¢n; a big player in the celebrity space, Quien; a listings guide for Mexico City (where the company is based) called Chilango; and 12 other titles. The company also operates a custom-publishing business, which prints magazines for Mexicana Airlines, Audi and others.

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