Time Inc. nears deal to buy Mexican publisher

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[New York] Time Inc. has progressed to detailed negotiations with Grupo Editorial Expansion and may close a deal to buy all of Mexico's second-largest magazine publisher as early as next month (AA, May 30). Earlier reports had also placed Hachette Filipacchi Media at the negotiating table in pursuit of some or all of the company, but Time now appears to be the sole bidder. A Time spokesman declined to comment. Grupo Editorial Expansion did not return a call seeking comment but execs previously told Advertising Age that the company was seeking new capital. Grupo Editorial Expansion owns Mexico's leading business magazine, Expansion; a top celebrity title, Quien; a listings guide for Mexico City called Chilango; and 12 other titles. Mexican authorities still have to sign off on any deal with Time.
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