ACP and Time Inc. Announce New Magazine Joint Venture in Australia

February 9, 1998

The country's leading magazine group Australian Consolidated Press (ACP) and Time Inc., the largest magazine publisher in the United States, announced today that they are forming a 50:50 joint venture in Australia.

The new company will take over the publishing of six existing Sydney-based magazines; Time, and Who Weekly (from Time Inc); and The Bulletin, New Weekly, and Australian Gourmet Traveller and Wine magazine (from ACP). It plans to expand by launching new titles, including local editions of other Time Inc, magazines from the United States. The company will have a turnover of over A$100m.

The joint venture company will be called PREMIERE MAGAZINES.

Marty Gardner, currently vice president of Time Inc. International, in New York, will be the Sydney-based Managing Director of Premier Magazines, reporting to joint ACP-Time board. The new company will benefit from editorial services from Time Inc. ACP will provide a range of financial, administrative and publishing services.

Premier Magazines will have a staff of over 200, and will be based at Time Inc's existing offices in North Sydney. Relocation of the 70 staff on the four magazines being transferred by ACP will take place over the next six months.

Announcing the formation of Premier Magazines, Colin Morrison, Managing Director of ACP, said: "We are excited about the possibilities of this joint venture with Time Inc., one of the world's leading magazine publishers. Their two current Australian magazines, Time and Who Weekly ideally complement Australian Gourmet Traveller, The Bulletin, and New Weekly, to form the basis of a dynamic new magazine business. These titles will benefit from Time Inc's US-based portfolio which embraces news, entertainment, food and leisure.

"This new venture is an exciting move for ACP. It's all about expansion and a complementary partnership between two ambitious magazine groups. The fact that Premier Magazines starts its life with six strong magazines including Who Weekly, one of Australia's most successful launches of recent years, and Australian Gourmet Traveller, the country's fastest growing magazine, speaks volumes for the company's potential."

Norman Pearlstine, Editor-in-Chief of Time Inc. and head of the company's international magazine publishing activities, said: "We are exited about the prospect of expanding our presence in Australia. We look forward to combining the expertise of ACP in Australia with our own experience and the reputation of our well-known Time Inc, titles."

ACP is a wholly-owned subsidiary of Publishing and Broadcasting Ltd. (PBL), whose other divisions are the Nine Network of Australia (television) and 9MSN (on-line services). In addition to its 50 magazines in Australia, ACP has publishing operations in New Zealand, Singapore, Malaysia, Vietnam and Thailand, ACP's Australian portfolio includes: The Australian Women's Weekly, Woman's Day, Cosmopolitan and Cleo.

Time Inc. is one of the world's leading magazine and book publishers. It is also a leading direct marketer of books, music and video, and a provider of content for the Internet. Time Inc, is a wholly-owned subsidiary of Time Warner Inc, the major media and entertainment company. It publishes over 30 magazines worldwide, including People, In Style, Sports Illustrated and Time.

Premier Magazines is expected to be operational within two months.

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