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Time Inc. said it sold Grupo Expansión, its Mexican subsidiary, to Southern Cross Group, a Latin-American private equity firm on Thursday.
The terms of Southern Cross’ acquisition were not disclosed. GEx is Mexico’s second largest magazine publisher with 16 titles including Expansión, Quién, and Life & Style and 10 Web sites.
According to Time Inc. chairman and chief executive Joe Ripp, his company’s “prime focus” is “growing core assets in the U.S. and U.K.”
The ceo said that GEx, which was acquired by Time Inc. in 2005, would have a “better opportunity to maximize its value under the ownership of Southern Cross.”
In 2013, GEx revenues represented less than 2 percent of Time Inc. revenues, which totaled $3.35 billion last year.
The publishing company said GEx will continue to license the Time Inc. and Time Warner brands that have been part of the portfolio, which includes CNNMéxico, InStyle, and Travel + Leisure.