| 07/26/2001 | AOL Time Warner Buys Cycling Weekly, Cycle Sport, Mountain Rider, and MoreIPC, the United Kingdom's leading consumer magazine publisher, was acquired by the world's biggest medial company, AOL Time Warner Inc., for 1.6 billion in cash.
The IPC publishes over 100 magazines and sells over 350 million magazines annually including Cycle Sport, Cycling Weekly, and Mountain Bike Ride.
Don Logan, Chairman and CEO of Time Inc., said, "This is the perfect acquisition for AOL Time Warner because it accomplishes key strategic goals for the company. With some of the best known consumer publishing brands in Europe, IPC provides Time Inc. with an important presence within the European consumer publishing sector. This acquisition also furthers AOL Time Warner's goal of expanding our operations outside of the U.S."
"In addition to strengthening our magazine publishing business with a number of quality titles, IPC will provide us with valuable synergies with other AOL Time Warner brands. We look forward to working with IPC's management team in continuing to build this tremendous business," Mr. Logan added.www.aoltimewarner.com
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