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COMPANY TOWN | Deals

July 02, 1996|From Times Staff and Wire Reports

Time Warner Sells Vibe: Time Warner Inc. said it sold Vibe magazine to Vibe Ventures, a partnership led by Quincy Jones and Robert Miller. Terms weren't disclosed. Vibe, a 3-year-old urban music and culture magazine, is a joint venture of Time Inc. and Quincy Jones, who is one of the founders. Jones bought the magazine with Robert Miller, the former president and chief executive of Time Inc. Ventures, and David Salzman, Jones' partner at Quincy Jones-David Salzman Entertainment. The magazine will also be owned by its founding executive team, including Keith Clinkscales, Vibe president and chief executive, and John Rollins, Vibe publisher. New York-based Vibe is the first venture for Miller's newly formed GoldRush Media, a Los-Angeles based firm that manages, develops and acquires media properties.

Warner Bros. to Open Stores in Indonesia: Warner Bros.' Studio Stores unit announced it has reached an agreement to open retail outlets in Indonesia, including a 10,000-square-foot flagship store in Jakarta. Warner Bros. is joined in the deal by P.T. Bayu Buana, a subsidiary of P.T. Putra Surya Perkasa Intuitama. The Indonesian company is among the nation's top retailers, said Peter Starrett, president of Warner Bros. Studio Stores. "We are extremely excited about bringing Warner Bros. Studio Stores to Indonesia," Starrett said. "Given the popularity of our properties and characters across Asia, we are certain that our stores will prove to be as successful in Indonesia as they have been in Singapore, Hong Kong and Japan." Warner Bros. Studio Stores is a division of Time Warner Entertainment Co.

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