[New York] Grupo Expansion, Mexico's second-largest magazine publisher after Grupo Televisa, is looking for an investor. Time Inc. is believed to be a leading contender to buy all or a stake in the company, given Time Warner Chairman Richard Parsons' recent comment to a group of Time Warner alumni, picked up in a blog, that Time is close to buying a magazine company in Mexico. "We've been in the process of raising capital," said Expansi¢n CEO John Reuter. "That's all I can say." A Time spokesman said, "We've consistently stated growth is a major goal. One way is through launching new magazines and looking at possible acquisitions in the U.S. and elsewhere, including Latin America." Four years ago, Time bought IPC Media, a leading U.K. consumer magazine group, for $1.7 billion. In Mexico, Grupo Expansi¢n owns the leading business magazine, Expansi¢n, celebrity title Quien and introduced city listings title Chilango (a slang term for a Mexico City resident) a year ago.