Herbert Smith advised Time Inc., the world’s leading magazine publisher, on the UK and certain other European aspects of the disposal of its global music and video direct marketing subsidiary Time Life Inc.
Time Life was bought by Direct Holdings Worldwide LLC, a company jointly owned by private equity firm Ripplewood Holdings LLC and ZelnickMedia Corporation.
Herbert Smith’s role was in support of Time Inc.’s legal department and its primary legal adviser, Cravath, Swaine & Moore, which led the deal and dealt with all US aspects of the transaction.
Corporate partner Roddy Martin led the Herbert Smith team, assisted by corporate assistants Mark Bardell and Elizabeth Culyer. A number of other specialist groups within the firm also advised, as did teams from Herbert Smith’s alliance partner Gleiss Lutz in Germany, Poland and the Czech Republic.