UK magazine publisher IPC Media yesterday announced it had been purcahsed by AOL Time Warner for £1.15 billion in cash, confirming media reports earlier in the week [WAMN: 23-Jul-01].

Following the purchase, David Arculus is stepping down as IPC chairman, while chief executive Sly Bailey will stay on, answering to Michael Pepe, chief executive at AOL TW’s magazine unit Time.

“We are providing Time with a platform for growth in the UK and Europe,” said Bailey, adding that she does not foresee the need for job cuts. “It is a world class business with fire power. I couldn’t be happier.”

News source: Financial Times