Time Inc. To Buy American Express Publishing - Quick Facts

(RTTNews) - Time Inc., the magazine unit of Time Warner Inc. (TWX), announced Tuesday that it will acquire American Express Publishing Corporation, the publishing unit of American Express Co. (AXP). American Express Publishing, with brands including Travel + Leisure and Food & Wine, will become a wholly-owned subsidiary of Time Inc.

The sale is expected to be completed in the fourth quarter of 2013, subject to satisfaction of customary closing conditions.

The American Express Publishing brands reach 36 million consumers worldwide across its portfolio which includes the company's magazines and branded books, digital properties, social media platforms, membership clubs, retail stores and more than a hundred events and experiences.

Time Inc noted that Eligible American Express Card Members will continue to receive Departures, Black Ink and Executive Travel.