Big news in the food publishing world: Mega-brands Travel + Leisure, Food & Wine, and three other American Express Publishing magazines are reportedly being sold to Time Inc., the New York Post reports.
The New York Times reports that Time is in talks with American Express, while the Post claims that Time is expected to "unveil a deal" to buy five titles from American Express. Departures, Black Inc., and Executive Travel will also reportedly be moved.
Unnamed sources tell the New York Post that the deal is less than $100 million, and while talks have been going on for months, neither Time nor American Express has released a comment.
News of the potential sale isn't necessarily a surprise; American Express and Time Inc. have been working together since 1993, as American Express titles have had Time Inc. manage a bevy of operations such as circulation and marketing. For example, Fortune Small Business, a Time Inc. title, would be sent out to select American Express cardholders. If the report is true, however, Time Inc. will add on five major lifestyle brands to its already impressive roster, which includes Cooking Light, Real Simple, Sunset, Southern Living, and MyRecipes.com.
No word on whether this means American Express is bowing out of the magazine publishing market for good, or if they'll work on other (perhaps more televised?) ventures. We've reached out to both publishing houses for further comment, and sources have confirmed to The Daily Meal that Time is indeed in talks with American Express to purchase the brands.