New York, NY, Oct. 20, 2000--Time Inc., publisher of Time, People and Sports Illustrated, will purchase Times Mirror Magazines for $475 million in cash from the Tribune Company. Times Mirror is a group of 21 consumer and six trade titles, including SKI, Skiing and the TransWorld group of magazines.
Andy Clurman, president and publisher of The Skiing Co., parent company of the ski and snowboard magazine families, said it was welcome news. "We're obviously ecstatic," said Clurman, who was in New York for the announcement. He added that a conference call with magazine offices in Boulder, Colo., and Oceanside, Calif., indicated staff was pleased with the ultimate winner of the bidding.
"There are lots of possibilities. What were looking for now is the opportunity to build." Clurman noted the size and breadth of the new parent company (Time is owned by Time Warner Inc.) would provide the resources and support the ski and snowboard group will be able to use to thrive.
The Tribune Company, which completed a merger with The Times Mirror Company in the spring, had said it would sell the magazine group of Times Mirror as part of a plan to divest itself of non-core assets to concentrate on its newspapers and television stations, reduce debt and repurchase stock. Other magazines included in the deal are Golf and Outdoor Life.
"These transactions provide us with the financial resources to strengthen our balance sheet, further positioning us to pursue new business opportunities, especially television," said John Madigan, chairman of the Tribune Co.