Time Inc. Magazines Acquisition
In January 2007, the Bonnier Magazine Group agreed to acquire 18 magazines that Time Inc. was divesting. The estimated price was US$ 225 million in cash and the assumption of about US$ 42 million in unfulfilled subscription liabilities (subscriptions already paid but not yet delivered.) The magazines in the package employed 550 people and included Outdoor Life, Popular Science, Field & Stream, Ski, Yachting, and Transworld Snowboarding, as well as 11 other titles that were part of Time Inc.'s Time4 Media Group. Also included were Parenting, and Babytalk, which were part of the Parenting Group. That price was believed to be a multiple of about 11 times cash flow for a group that had net income of around US$ 20 million and revenue of around $230 million.
"We think we did a good deal, and we think Time did as well," said Jonas Bonnier, head of Bonnier Magazine Group. Bonnier already had a small footprint in the US through a 50 percent stake in Winter Park, Florida-based World Publications, which owned the titles Islands and Spa, Saveur, Water Skiing, and Caribbean Travel & Life.
Read more about this topic: Bonnier Group
Famous quotes containing the words time, magazines and/or acquisition:
“Every true man is a cause, a country, and an age; requires infinite spaces and numbers and time fully to accomplish his design;—and posterity seem to follow his steps as a train of clients.”
—Ralph Waldo Emerson (1803–1882)
“The most important service rendered by the press and the magazines is that of educating people to approach printed matter with distrust.”
—Samuel Butler (1835–1902)
“Wars and revolutions and battles are due simply and solely to the body and its desires. All wars are undertaken for the acquisition of wealth; and the reason why we have to acquire wealth is the body, because we are slaves in its service.”
—Socrates (469–399 B.C.)