Photo: Via Women's Wear Daily
More shake-ups are hitting the magazine industry today, but they're not nearly as ominous as what we're used to. After months of negotiations and deliberations, Time Inc. inked a deal to acquire all of the American Express Publishing titles. The purchase includes the magazines Travel & Leisure, Departures, and Food & Wine. While no financial records of the sale are available yet, WWD reports that the deal may have gone for as little as $100 million, a relative steal in the publishing world.
Although title shifts and sales within the industry can often signal bad news, the deal's major players insist that only good things will come from the acquisition. American Express will become a wholly-owned subsidiary of Time Inc., which is tasked with expanding the glossies into big-time territory. AmEx's CEO promised employees that the sale was a positive sign, so here's hoping that we don't see any of the layoffs that are often a by-product of publishing changes. And, of course, that those Pinterest-worthy recipes are here to stay, too. (Women's Wear Daily)
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