TIME INC. TO ACQUIRE LEISURE ARTS INC.
TIME INC. TO ACQUIRE LEISURE ARTS INC. NEW YORK, March 19 /PRNewswire/ -- Time Inc. has reached an
agreement in principle to acquire Leisure Arts Inc., it was announced by Reginald K. Brack Jr., chairman and chief executive officer of Time Inc.
Financial terms of the agreement were not disclosed. Based in Little Rock, Ark., Leisure Arts is a privately held company. Its major shareholders are Steve Patterson, president and chief executive officer of Leisure Arts, and Stephens Inc., an investment banking firm also headquartered in Little Rock. Leisure Arts is a major craft publisher and retail distributor of instructional leaflets, continuity book series and magazines on needlework and crafts. This highly successful retail publisher will complement Oxmoor House Inc., the book division of another Time Inc. unit, Southern Progress Corporation. Based in Birmingham, Ala., Oxmoor House publishes a wide variety of cookbooks and high-quality art books, as well as craft books and magazines. Its products are sold directly to consumers, primarily through direct mail. "The individual strengths of Oxmoor House and Leisure Arts make a great combination," said Brack. "Together with some of our other properties, these two companies help position us well for the nineties, a time when traditional values of home and family have re-emerged." "Leisure Arts is a well-managed company with a strong retail presence," said Don Logan, president and chief executive officer of Southern Progress. "By combining that strength with our direct marketing expertise at Oxmoor House, we can bring together the resources of both companies and capitalize on new opportunities for future growth." Southern Progress, a Time Inc. unit, is based in Birmingham, Ala. Besides Oxmoor House books, the company also publishes Southern Living, Progressive Farmer, Southern Accents, Cooking Light and Travel South magazines. It is the largest regional magazine and book publisher in the country. Time Inc. is a wholly owned subsidiary of Time Warner Inc. (NYSE: TWX), the world's leading media and entertainment company, with interests in magazine and book publishing, recorded music and music publishing, filmed entertainment, cable television and cable television programming. -0- 3/19/92 /CONTACT: Peter Costiglio, 212-522-3927, or Jeanetta Keller, 205-877-6269, both of Time Inc./ (TWX) CO: Time Inc.; Leisure Arts Inc. ST: New York, Arkansas IN: PUB SU: TNM
AH-KD -- NY096 -- 9890 03/19/92 17:36 EST
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|Date:||Mar 19, 1992|
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