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AMERICAN EXPRESS PUBLISHING AND TIME INC. ANNOUNCE JOINT MANAGEMENT AGREEMENT

 NEW YORK, Dec. 23 /PRNewswire/ -- American Express Travel Related Services Company, Inc. (TRS) and Time Inc. today announced a letter of intent under which Time Inc. would assume management responsibility for most of American Express Publishing Corporation's operations, including its core lifestyle magazines, Travel & Leisure and Food & Wine.
 Under the arrangement, Time Inc. would receive an annual fee for managing American Express's publishing business, as well as incentives for improving the profits of the publishing unit.
 In addition to managing the lifestyle magazines, Time would also have operating responsibility for a range of American Express customer publications, including Your Company, a magazine for TRS small business customers, Departures, a special magazine for Platinum Cardmembers, and SkyGuide, a monthly airline flight guide for Cardmembers.
 "We continue to view our publishing operation as one that adds considerable value to our relationships with key TRS customers. This unique partnership with Time Inc. has the potential to help us significantly strengthen our customer relationships," said Jonathan S. Linen, president, American Express Travel Related Services Company, Inc.
 "Time Inc. and American Express have done business together on a number of fronts for quite some time. We are delighted to be expanding that working relationship into the publishing arena. Their magazines are extremely well regarded and well-positioned. We think that we can contribute additional value in terms of our publishing experience to help their titles prosper even further," said Reginald K. Brack, Jr., chairman and chief executive officer of Time Inc.
 Operating management of the American Express publishing unit will be the responsibility of Time Inc. Ventures, a Time Inc. subsidiary that encompasses Time's regional and special interest magazines and development activities.
 Time management will be subject to the oversight of an advisory board comprised of American Express and Time executives.
 American Express is also entertaining bids for its three city magazines, Atlanta, D and LA Style.
 -0- 12/23/92
 /CONTACT: Nancy Muller of American Express, 212-640-2479, or Peter Costiglio of Time Inc., 212-522-3927/
 (AXP TWX)


CO: American Express Travel Related Services Company, Inc.; Time Inc. ST: New York IN: PUB SU:

KD-AH -- NY055 -- 9714 12/23/92 16:57 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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