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Time Warner announced today that it has (finally!) sold off the Time Warner Book Group — Warner Books and Little, Brown — to the French publisher Lagardere. TWBG was part of Time Inc., and chairman Ann Moore sent a memo to her employees earlier today on the sale. It is, undoubtedly, an anxious time for book group employees, as it is always is when there are major corporate changes at your employer. But we suspect that in the long run the book folks will be the lucky ones.

"Hachette has voiced strong support for the existing management at TWBG under Chairman David Young," Moore wrote in her memo. "No job losses are anticipated."

God knows the same couldn't be said if they remained part of Time Inc.

Moore's full memo is after the jump.

February 6, 2006
To: Time Inc. Staff
From: Ann Moore
Re: Time Warner Book Group

Earlier today Time Warner announced that they have reached an agreement to sell the Time Warner Book Group to Lagardere. The TWBG — including Warner Books and Little, Brown — will join Lagardere's Hachette Livre division. With the addition of the TWBG, Hachette Livre will become one of the world's three largest book publishers.

While all of us at Time Inc. will miss our book colleagues, we are pleased they have found a permanent home at a company committed to book publishing worldwide that recognizes the talents of TWBG authors, management and staff. Hachette has voiced strong support for the existing management at TWBG under Chairman David Young. No job losses are anticipated. This is a core business of scale for Hachette which they plan on investing in and growing, building on their most recent hugely successful year with 69 books on The New York Times best seller list.

Here at Time Inc. we will continue our strategy of growth: 1) investing in our current titles 2) building our online presence 3) launching new titles and 4) seeking acquisitions that complement our portfolio.

The Time Warner Book Group — the company, its staff and its library of memorable and award winning books — have long been a valued part of Time Inc. and Time Warner. We're confident this transaction offers them the best opportunity to strategically grow their business. TWBG will stay at this location for the next year, and they'll keep the Warner name for the foreseeable future. I know everyone at Time Inc. joins me in wishing David and his team great success in the future.

A. M.