Time-Life Books Buys Australian Book, Music Club

Time-Life Books said today it has acquired the Record Clubs of Australia Pty Ltd., making parent Time Warner Inc. one of the largest direct marketers of books and records in Australia and New Zealand.

Terms of the purchase were not disclosed. The Record Clubs, owned by businessman Joseph Schwartz, had revenue last year of about $10 million and has a membership of 125,000.

The international division accounted for more than one-third of Time-Life Books’ revenue last year, estimated at about $350 million.

John Fahey, president and chief executive of Time-Life Books, said the purchase is consistent with his company’s strategy for expansion abroad through music and videocassette businesses.

Fahey said the deal will generate “economies of scale and cross-selling opportunities for our continuity book and record business.”

Fahey said his company approached Schwartz about the deal.