Swedish Media Group Buys Time's Unwanted Magazines

30 January 2007

STOCKHOLM: Swedish family-owned media group Bonnier has successfully bid more than 1.4 billion kronor ($200m; €154m; £102m) to buy eighteen Time Inc magazines as it sets about expanding its US presence.

The Time4 unit is "extremely pleased at this outcome" and is confident the sale will preserve more than 550 jobs.

Bonnier, whose interests stretch from magazines and newspapers through television and radio in more than twenty countries, is keen to keep Time4 intact.

Says magazines group president Jonas Bonnier: "The main focus is not to cut costs. The main focus is definitely to develop the multiplatform strategies that create possibilities and to invest in them."

He adds: "The idea of buying it and stripping it down is totally the opposite of what we intend."

Data sourced from AdAge.com; additional content by WARC staff