Time Inc completed its acquisition of the IPC Group, parent company of IPC Media, from Cinven last week at a purchase price of £1.15bn. IPC owns approximately 100 consumer magazine brands and sells 350 million magazines each year. The company focuses on five core areas: Women; TV; Home & Garden; Leisure; and Men's Lifestyle & Entertainment. Michael Pepe, president of Time Inc International, said: "The completion of this acquisition marks a key step in Time Inc's growth outside the US, significantly adding to our existing international flagship brands: Time, Fortune; InStyle and Wallpaper are giving us an important presence in European consumer publishing." Sly Bailey, ceo of IPC Media, said: "The cultural fit between Time Inc and IPC is outstanding." and I'm looking forward to working with my colleagues there on shaping our business in the future." {{CTN }}