The Time division of Time Warner is believed to have agreed a $475 million price for Times Mirror Magazines, topping a joint bid from the New York Times and American Media.

The purchase will boost the Sports Illustrated arm of Time, adding titles such as Golf and TransWorld Snowboarding to its portfolio.

The new acquisition will augment Time’s position as the most attractive magazine company for advertising dollars. The combined units would have generated 25% of last year’s total US magazine adspend, 22.5% to Time alone.

Times Mirror was put up for sale in June by Tribune, the subsequent auction attracting a host of US publishers as well as Britain's Emap. However, it is thought that many valued the company at around $350m, considerably less than Time’s winning bid.

News source: Wall Street Journal