Time Inc. UK acquired by Epiris Fund II
Epiris has announced that Epiris Fund II, advised by Epiris LLP, has agreed to acquire Time Inc. UK from Meredith Corporation.
Time Inc. UK’s 50-plus brands reach 17 million adults and 13 million online and digital users across the UK. Its market-leading portfolio spans a range of interest areas, from entertainment and women’s lifestyle to luxury, sports and technology.
Titles include Woman’s Weekly, Country Life, Ideal Home and Trusted Reviews, as well as specialist titles Decanter, Wallpaper*, Cycling Weekly and Horse & Hound. Its entertainment titles, including What’s on TV and TV Times, sell more than a million copies each week.
The company is led by CEO and PPA Chairman Marcus Rich, who joined in 2014 from DMG Media. Sir Bernard Gray, who is Chairman of New Scientist and formerly Non-executive Director of Immediate Media and Chief of Defence Materiel at the Ministry of Defence, will become Executive Chairman.
Rich commented: “Time Inc. UK is home to some of the best known brands in the UK and we are delighted to be partnering with Epiris and with Bernard as we continue our transformation journey. They share the same vision for our business and we are excited by the fresh insight they will bring as we shape our shared plans for the business in the years ahead.”
Chris Hanna, Partner at Epiris, added, “At its heart, this is a diverse, robust and cash-generative business. We intend to bring clarity and simplicity to it, to focus on maximising the potential of its high-quality portfolio. We are excited about implementing our plans in partnership with Bernard, Marcus and the team.”
Epiris LLP is a private equity firm that invests in opportunities to transform businesses in partnership with exceptional management teams.