Time, American Express Weigh Deals

Time Warner Inc.’s magazines unit and American Express Co. are in discussion about possible business deals, a Time spokesman said Friday.

But the spokesman declined to comment on a report that American Express’ magazine publishing operations may be put into a joint venture with Time Warner.

The Wall Street Journal quoted unidentified executives from both companies as saying they were near an agreement for Time Warner’s magazine unit to operate the joint venture through its Time Inc. Ventures.

The magazines include American Express’ Travel & Leisure, Food & Wine and Departures.

A Time spokesman said the companies were “having discussions on a variety of topics.” American Express officials were not available for comment.

American Express has been experiencing sluggish revenue growth in its core credit card business because of the weak economy.

For the latest quarter, the travel, financial and information services company reported a net loss of $205 million, against a profit of $31 million in the third quarter of 1991.

American Express closed one of its magazines, New York Woman, earlier this year.

Time Warner, the world’s largest media company, has been seeking business alliances to cope with the heavy debt taken on when Time bought Warner Communications Inc. for $14 billion in 1989.