World's biggest media company buys publisher of Cycling Weekly

IPC was last night acquired by AOL Time Warner Inc. for £1.15bn in cash. IPC publishes such titles as Cycle Sport, Cycling Weekly and Mountain Bike Rider
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IPC publishes 100 magazines including TVTimes, Woman, Woman's Own, Marie Claire, Loaded, NME, Country Life and Horse & Hound.

Don Logan, Chairman and CEO of Time Inc., said: "This is the perfect acquisition for AOL Time Warner because it accomplishes key strategic goals for the company. With some of the best known consumer publishing brands in Europe, IPC provides Time Inc. with an important presence within the European consumer publishing sector. This acquisition also furthers AOL Time Warner's goal of expanding our operations outside of the U.S."

"In addition to strengthening our magazine publishing business with a number of quality titles, IPC will provide us with valuable synergies with other AOL Time Warner brands. We look forward to working with IPC's management team in continuing to build this tremendous business."

Keith Foster, publisher of IPC's cycle titles, said:

"I thought we had a lot of power with the backing of IPC, we've got a lot more now we're part of AOL Warner."

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