New, multi-year agreement covers 19 titles and represents a 35% increase in Quad/Graphics' incremental volume over the term
Quad/Graphics, Inc. (QUAD), announced today that it has reached a new, $900 million-plus agreement with Time Inc. that significantly extends and expands its magazine print work for the venerable New York publisher. Under the multi-year agreement, Quad/Graphics will handle more than 85% of the print work for 19 titles that are among the most popular magazines in America, including Time, People, Sports Illustrated, Entertainment Weekly, InStyle, Money, Real Simple, Fortune, Essence and Golf. The work represents a 35% increase in incremental Time Inc. print volume for Quad/Graphics over the term of the agreement, beginning in January 2014.
Guy Gleysteen, Senior VP of Production at Time Inc., said the new agreement reflects his company's confidence in Quad/Graphics to continue to deliver superior services for both weekly and monthly magazine production. "We strive for continuous improvement in our operations with the goal of delivering increasingly timely and relevant content through all of our magazine brands," he said. "Aligning the majority of our magazines with Quad is going to provide a unique opportunity for the two companies to drive innovation and efficiency."
"We are pleased to be growing our business relationship with Time Inc., and capitalizing on our leading nationwide magazine platform to print more titles and more volume in more places," said Joel Quadracci, Chairman, President & CEO. "Under this new agreement, Time Inc. has entrusted us with the vast majority of its magazine work, and we will continue to deliver the timely service and quality product they have come to expect from us, a progressive print partner."
New work coming to Quad/Graphics includes the monthly titles All You, Essence, People StyleWatch and Real Simple. Major additional volume will come from expanded regional printing of Time and People, giving Quad 100 percent of the print work for these weekly titles for the first time. Quad/Graphics already prints 100 percent of Entertainment Weekly. Quad/Graphics also will continue to be the exclusive printer for all of Coastal Living, Cooking Light, Fortune, Golf, Health, InStyle, Money, People en Espa-ol, Southern Living, Sunset, and Time for Kids, as well as a significant portion of the press run for Sports Illustrated.