Time Inc. Acquires 51 Percent Of Mexican Soccer Site MedioTiempo
Monday, March 31, 2008; 11:06 AM
Time Inc. has acquired a 51 percent stake in MedioTiempo, a Mexican soccer site that claims to be the biggest sports site in the country. The deal was mentioned in a quote from Time Inc. spokeswoman in an AdAge piece about the company's portfolio strategy. A rep from the company, the magazine publishing arm of Time Warner (NYSE: TWX), confirmed to us the deal, and explained that the site was launched in 1999 by three entrepreneurs with a passion for soccer. The actual acquisition was finalized in the past month. In addition to claiming the mantle as the biggest sports site in the country (their own claim), the company also says its the fifth biggest standalone site in any category.
The site is now part of Grupo Editorial Expansiï¿½n, which publishes a number of magazine titles in Mexico, and was acquired by Time Inc. in 2005. Prior to taking this majority stake, no outside company had invested in the site. The three founders are now employed by GEE. Terms of the deal were not disclosed.