Time Inc. buys five American Express magazines

Time Inc. has acquired American Express Publishing's titles -- Travel + Leisure, Food & Wine, Departures, Executive Travel and Black Ink. Time Inc. CEO Joseph Ripp told employees he was "delighted". The value of the transaction was  not disclosed. 

“I am very excited about the possibilities for expanding these world-class brands, along with the rest of our portfolio, as we prepare to become an independent company,” he added. Time, Inc. is set to spin off from parent company Time Warner in early 2014.

American Express and Time Inc. have been in a strategic relationship for about 20 years and the transaction has been coming to boil for several months. Due to new banking regulations, Amex is no longer allowed to participate in non-core businesses such as publishing magazines.