Time Inc. acquired a majority interest in Asiaweek.

Asiaweek is a regional English-language news magazine based in Hong Kong. The purchase price was not disclosed. Time said it bought the Reader’s Digest Assn.’s 80% interest in Asiaweek Ltd. and expects to buy another 4% share held by Hong Kong interests. The magazine’s editor-in-chief, Michael O’Neill, owns the rest of the company’s equity.