Publishing: Joint Venture

As part of a continuing expansion in the publishing field, Time Inc. last week announced an agreement to purchase Little, Brown & Co., one of the oldest U.S. book publishers. Little, Brown's 64 stockholders will receive 170,000 shares of Time Inc. stock (current value: about $16.5 million) in a tax-free transaction. "We are delighted to be joining forces with so highly respected a firm as Little, Brown," said Time Inc. President James A. Linen. "We have no doubt whatsoever that in its new association with Time Inc., Little, Brown will continue to make increasingly important contributions in the book...

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