IPC linked to AOL Time warner bid

IPC Media, publisher of Marie Claire and lads mag Loaded,is reportedly close to being sold to US media giant AOL Time Warner.

According to reports, the two sides are thought to be negotiating a deal worth between £1.1bn and £1.25bn.

The move would give AOL its first major European acquisition since the world's largest media group was created in January last year.

Executives at the US group are understood to view the acquisition as an important platform from which to target European markets.

The FT reports the deal, which could be completed by Thursday, will involve magazine publisher Time Inc acquiring IPC's portfolio of more than 100 titles. Other IPC magazines include Horse and Hound and Woman's Weekly.

IPC is controlled by the private equity group Cinven, which paid Reed Elsevier almost £900m for the business in a management buyout in 1998.

Last year, cable group Telewest Communications was linked to a possible £1.5bn swoop for the magazine publisher.

AOL Time Warner and IPC are thought to have been involved in "on-off" discussions about a deal for several months.

Both sides have so far declined to comment on the speculation.