American Express Sells Publishing Corp. to Time Inc. and 2 Other Dow Movers to Watch
American Express Co. (NYSE:AXP): Current price $74.13
On Tuesday, American Express announced that Time Inc. will acquire its American Express Publishing Corporation. The latter, with brands that include Travel + Leisure and Food & Wine, will become a wholly-owned subsidiary of the buyer. The purchase follows a 20-year relationship between Time Inc. and American Express Publishing during which the former has provided management services support to the firm.
It was also announced that eligible American Express Card Members will continue to receive Departures, Black Ink, and Executive Travel. The transaction should be completed in the fourth quarter, subject to satisfaction of the usual closing conditions.