Skift Take
The transaction is official, which means the real work now lies ahead.
Time Inc. completed the purchase of American Express Publishing today.
The acquisition, which is said to be valued at less than $100 million, includes travel magazines Food & Wine, Travel+Leisure, Departures, and Executive Travel.
Travel + Leisure generated more than $35 million in ad sales in the second quarter, which is more than its glossy peers Conde Nast Traveler, National Geographic Traveler, and AFAR.
But as we’ve said before, the newly acquired brands will need to improve their digital strategy and reinvent the print brands in order to capture additional ad revenue and find new revenue streams.
Time Inc. is the largest magazine publisher in the U.S. and is preparing to spin off from parent company Time Warner Inc. in the first quarter of 2014.
Related stories on Skift:
Skift Daily Newsletter
Get the travel industry’s daily must-read email 6 days a week
Tags: departures, magazines, time inc, travel and leisure