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Quad/Graphics to Print In Style Magazine: Deal is Worth More Than $300 Million

Press release from the issuing company

As Part of Agreement, Publisher Renews Quad/Graphics' Production of Time, Sports Illustrated, People and Entertainment Weekly PEWAUKEE, Wis.--Aug. 16, 2002-- Time Inc. and Quad/Graphics have entered into a multi-year agreement for the monthly production of high-profile, high-page-count In Style magazine, as well as five In Style specials per year, beginning in July 2003. Simultaneously, Time Inc. has renewed its contract with Quad/Graphics for the ongoing production of popular weeklies Time, Sports Illustrated, People and Entertainment Weekly. In total, Time Inc. is awarding Quad/Graphics work totaling more than $300 million. The contracts fortify Time Inc.'s long-standing relationship with Quad/Graphics, which now spans 20 years, and demonstrates the publisher's confidence in the printer, which came under new leadership July 29 following the untimely death of company founder Harry V. Quadracci. "We are proud to be Time Inc.'s exclusive printer for In Style magazine, as well as a select printer for a number of its well-known weekly publications and other monthly publications," said Tom Quadracci, president of Quad/Graphics. "We appreciate the ongoing confidence Time Inc. has in our abilities -- a unique blend of high-tech solutions and high-touch customer service." "Negotiations for these contracts were almost completed prior to Harry Quadracci's untimely death," said Barry Meinerth, vice president of Production, Time Inc. "We remain confident that the history of quality and innovation that characterized Quad/Graphics under Harry's leadership will continue under Tom Quadracci and his management team." In Style The In Style contract calls for the monthly production of 2.4 million copies of the magazine, as well as five annual specials. The work will be produced at Quad/Graphics' Lomira, Wis., facility, using, in part, the printer's advanced wide-web press technology. Quad/Graphics will invest $10 million in two new perfect binders for its Lomira location to accommodate the large volume of new work. Quad/Graphics began printing In Style specials this year and, therefore, is familiar with the magazine's exacting standards for print quality. The specials, which address topics ranging from weddings to beauty makeovers, each had a print run in excess of 1 million, and Quad/Graphics printed a total of four specials in 2002. Next year, In Style will launch a home special, also to be printed by Quad/Graphics. In Style debuted in 1994 and is well-known for fashion advice and celebrity-driven stories as well as large page counts. Typically, issues average 400 pages, but can increase to 600-plus pages for some issues. As far as circulation, In Style has been rated No. 1 by Capell's Circulation Report for the past three years, and for the past six years, has been a Top 10 mainstay on Adweek's prestigious "Hot List." Time, Sports Illustrated, People and Entertainment Weekly For years, Quad/Graphics has been a trusted printer for multiple Time Inc. titles, including weeklies Time, Sports Illustrated, People and Entertainment Weekly. Under terms of the multi-year contract renewal, Quad/Graphics will print nearly 5 million combined copies weekly of the four magazines between its facilities in The Rock, Ga., and Saratoga Springs, N.Y. In addition to these titles, Quad/Graphics prints numerous other titles for Time Inc., including Baby Talk, Business 2.0, Fortune Small Business, Parenting, Teen People, Sports Illustrated for Kids, Sports Illustrated Women and Sunset. Earlier this year, Time Inc. named Quad/Graphics' Saratoga Springs' plant its Printer of the Year -- the third consecutive yearthe printer's upstate New York facility has been recognized as the premier printer of Time, Sports Illustrated and People magazines. In determining its Printer of the Year, Time Inc. grades Quad/Graphics and its other printers on bindery speed, paper waste, quality of product, overall turnaround time and customer service. About Quad/Graphics Tom Quadracci, company co-founder and long-time member of the board of directors, became president of Quad/Graphics on July 29, 2002, following the death of company founder Harry V. Quadracci. Pewaukee, Wis.-based Quad/Graphics (www.qg.com) has a network of print-production facilities on three continents that provides services ranging from front-end design and photography through digital imaging, printing, list management, finishing and dependable distribution for publishers, catalogers, direct mailers and others. Constant, rapid growth over the past 31 years -- mostly through internal expansion -- has resulted in a company with the most modern plants, equipment and capabilities in the commercial printing industry. Quad/Graphics employs 12,000 people and has annual sales of $2 billion. About Time Inc. Time Inc., the world's leading magazine company, publishes 140 regular-frequency publications, reaches more than 298 million readers worldwide and accounts for nearly one quarter of the total advertising revenue of American consumer magazines. The company has grown through the recent acquisitions of IPC Media, the largest publisher of consumer magazines in Britain, and Times4Media (previously Times Mirror Magazines). In December 2001, Time Inc. took a majority interest in subscription firm Synapse. Time Inc. is a division of AOL Time Warner, the world's leading media and entertainment company which also oversees America Online, AOLTW Book Group, AOLTW Interactive, Home Box Office, New Line Cinema, Time Warner Cable, Turner Broadcasting, Warner Bros. and Warner Music Group.

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