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Report: Time Inc. nears sale of UK unit

The sale of Time Inc. (UK) Ltd. to London private equity firm Epiris is nearing completion, the New York Post reported Feb. 22, citing sources.

Talks to sell the Time Inc. unit began late in 2017 in the range of about $200 million, but the value reportedly decreased to about $167 million.

Meredith Corp., which recently acquired the U.S. media company for $2.8 billion, said through a spokeswoman that it continued to work on a deal for Time Inc. (UK).

Time Warner Inc. acquired the unit, then known as IPC Media, in 2001 for about $1.6 billion and considered selling it in 2011.

Time Inc. rebranded it as Time Inc. (UK) in 2014, The Guardian reported at the time.