Banking

Gov't Regulations Force Amex to Sell Magazine Company

Why is it any of the feds' business?

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Citing new banking regulations that are forcing it to focus on financial operations, American Express said Tuesday it will sell its publishing business that includes the Travel + Leisure and Food & Wine magazines to Time Inc.

Financial terms were not disclosed, but the companies said they expect the deal to close in the fourth quarter of this year, subject to customary closing conditions.

"While the company has outperformed its peers by creating editorial products of exceptional quality, banking regulations limit our ability to engage in non-financial activities," said John Hayes, American Express Chief Marketing Officer.

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