Time Inc. to Acquire Times Mirror Magazines

New York, NY, October 20, 2000 Time Inc. has reached a definitive agreement to acquire Times Mirror Magazines from Tribune Company, the companies announced today. The purchase price is $475 million in cash.

Times Mirror magazines publishes Golf, Ski, Skiing, Popular Science, Field & Stream, Yachting and other titles.

In making the announcement, Don Logan, chairman and CEO of Time Inc., said, “We’re delighted to have the Times Mirror titles become part of Time Inc. We think that their vertical sports enthusiast titles are a perfect fit with the Sports Illustrated group.”

John W. Madigan, chairman, president and CEO of Tribune Company, said, “Time Inc. is an ideal fit for Times Mirror Magazines. Time Inc. already is a leading publisher of many of America’s most successful magazines, and with Times Mirror Magazines, it will be poised for additional success. “

In addition to their New York based titles such as Golf, Ski, Field & Stream, and Popular Science, Times Mirror Magazines also operates Trans World Media, which serves the youth market by publishing Trans World Snowboarding and Trans World Skateboarding and eleven others.(more)

The transaction is subject to customary closing conditions including regulatory clearances.

Time Inc. is the world’s preeminent magazine publisher. It is also a leading direct marketer of books, music and video, and a provider of content for the Internet. Time Inc. is a wholly owned subsidiary of Time Warner Inc., the world’s leading media company.