On June 26, 2014, Time Inc. announced the sale of its Mexico-based operation, Grupo Expansion (“GEx”), to the Latin American private equity firm Southern Cross. GEx is Mexico’s second largest magazine publisher with 16 titles and 10 websites. Cravath represented Time Inc. in connection with this transaction, which closed on August 1, 2014. The terms of the transaction were not disclosed.

The Cravath team included partners David Mercado and Eric L. Schiele and associates Edward J. Reed and Brendan M. Cottington on corporate matters; partner Michael L. Schler and associate Jay S. Gill on tax matters; partner Jennifer S. Conway and associates Audry X. Casusol and Michelle M. Garrett on executive compensation and benefits matters; partner David J. Kappos and associate Benjamin D. Landry on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and senior attorney John Gerhard on real estate matters. Summer associate Jason Jones also worked on corporate matters.