Time Acquires QSP and Quality Service Programs

On August 22, 2008, Time Inc., through its wholly owned subsidiaries, acquired QSP, Inc. in the United States and Quality Service Programs Inc. in Canada (collectively QSP) from The Reader's Digest Association, Inc. for approximately US$110 million.

QSP is the leader in the marketing of magazines, periodicals, music, books, food, gifts and other products through fundraising campaigns conducted by school and youth groups, fundraising, charitable and not-for-profit institutions. The sale of QSP included its wholly owned subsidiary eFundraising.com Corporation Incorporated.

Time Inc. was represented by Lauren Klein, deputy general counsel of Time Inc., by Davies Ward Phillips & Vineberg LLP, including Justin D. Vineberg (M&A); Hillel W. Rosen, Mark Katz and Richard Elliott (regulatory); Brian Bloom (tax); and Natasha vandenHoven and Louise Patry (labour and benefits); and by Cravath, Swaine & Moore LLP with a team including Eric Schiele, Brandon DeFrehn and Jonathan Leitner (M&A); Luke Facer (tax) and Tania Balthazaar (benefits).

The Readers Digest Association, Inc. was represented by Andrea R. Newborn, senior vice president, general counsel and secretary, Mark Sirota, vice president and associate general counsel and Lisa Spivack, associate general counsel and by Barbara Robins, vice president, legal and regulatory affairs of The Reader's Digest Association (Canada) ULC; by Stikeman Elliott LLP with a team including Jean Marc Huot and Robert Carelli (M&A); Luc Bernier and Pierre-Louis Le Saunier (tax); Pierre Setlakwe and Mathieu Locas (real estate); and Patrick Essiminy and Michel Legendre (labour and benefits) and by Hogan & Hartson LLP with a team including Deborah R. Wolfe, Roberto Zapata and Alessandra L. Simons (M&A); Mark J. Weinstein (tax) and Joseph Rackman (benefits).