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Covington Advises Mexico's Grupo Editorial Expansión in Acquisition by Time, Inc.

August 22, 2005

NEW YORK, NY, August 22, 2005 — Covington & Burling advised Grupo Editorial Expansión (GEE) and its parent, Grupo Editorial Medcom (Medcom), in connection with the acquisition of GEE by Time, Inc. Financial terms of the transaction were not disclosed.

GEE is the premier publisher of high-end consumer and business magazines in Mexico. Its portfolio of 15 titles include Expansión, GEE's flagship magazine and Mexico's leading business magazine, and Quién, a bi-weekly celebrity/personality magazine that carries more advertising pages than any other periodical in Mexico. Other titles include Obras, Mexico's leading architecture, construction and engineering title; Life and Style, a monthly men's lifestyle magazine; and Balance, a fitness, health and nutrition magazine for women.

Medcom acquired GEE in 1993 from the Walt Disney Company. Medcom's ownership is shared among the Serna family and La Caisse de Dépôt et de Placement du Québec (CDPQ). The Serna family has a controlling interest in the company.

Covington acted as special New York counsel for Medcom, the Serna family and CDPQ. The Mexican law firm of Creel, García-Cuellar y Muggenburg was lead Mexican counsel. The Covington team included Rubén Kraiem and Tyra Williams of our corporate group, and Robert Heller provided tax advice.

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