Golf Magazine Sold

Times Mirror Magazines, publishers of Golf Magazine, the world's second biggest-selling golf title, have been bought by Time Inc from Tribune Company for $475 million in cash.

"We're delighted to have the Times Mirror titles become part of Time Inc," said Don Logan, chairman and CEO of Time Inc. "We think that their vertical sports enthusiast titles are a perfect fit with the Sports Illustrated group."

John W.Madigan, chairman, president and CEO of Tribune Company, said, "Time Inc is an ideal fit for Times Mirror Magazines. Time Inc already is a leading publisher of many of America's most successful magazines, and with Times Mirror Magazines it will be poised for additional success."

The transaction is subject to customary closing conditions, including regulatory clearances.

Time Inc is a wholly owned subsidiary of Time Warner Inc.