IPC, the UK's leading consumer magazine publisher, whose portfolio of titles includes Loaded and Marie Claire, is to be sold following the recent reopening of negotiations between Cinven and Time Inc, a subsidiary of US media giant AOL Time Warner. Time Inc has agreed to pay £1.15bn for IPC Media's parent company IPC Group from Cinven in what is thought to be the biggest ever transatlantic magazine deal. Don Logan, chairman and ceo of Time Inc, said: "This is the perfect acquisition for AOL Time Warner because it accomplishes key strategic goals for the company. "With some of the best known consumer publishing brands in Europe, IPC provides Time Inc with an important presence within the European consumer publishing sector. This acquisition also furthers AOL Time Warner's goal of expanding our operations outside of the US." Michael Pepe, president and ceo of Time Inc International, to whom IPC will report, said: "IPC represents a unique opportunity to establish Time Inc as a major player in the international arena and provides an ideal platform for future growth." Sly Bailey, CEO of IPC, said: "Cinven has played an important part in providing an environment in which IPC's management has been able to build the business. We now look forward to becoming part of the world's largest media company." IPC sells around 350 million magazines annually and has approximately 100 brands. It is focused on five core areas: women; TV; home & garden; leisure; and men's lifestyle & entertainment. Its titles include Britain's biggest-selling magazine What's on TV, plus TV Times, Woman, Woman's Own, Marie Claire and Loaded. The closing of the transaction is conditional upon securing European Union regulatory clearances and other customary conditions. {{CTN }}