US publishing giant Time has announced its intention to raise $1.4bn of debt in order to purchase the UK operations of the media brand which are currently owned by Time Warner.
Time the publishing arm of Time Warner, is currently being spun out of the media giant to allow it to focus on its film and television interests but this process would have left its UK counterpart behind.
To head off this eventuality Time is seeking to raise capital to buy the business outright and keep all of its publishing interests in one piece.
Time’s UK business incorporates the IPC Media magazine group - but no firm price has yet been agreed for its acquisition.
Time Warner is also seeking to divest itself of its cable business, Time Warner Cable, in a $45bn merger with Comcast corporation – although that deal must still win regulatory approval.