Time Inc., the owner of People, Time and Sports Illustrated, said Thursday that it had sold Grupo Editorial Expansin, Mexico’s second-largest magazine publisher, to the Latin-American private equity firm Southern Cross Group.

Terms of the deal were not disclosed.

When Time Inc. bought Grupo in 2005 for an estimated $60 million, then-Time Inc. CEO Ann Moore called “international expansion a key element of our growth strategy.” She added, “This represents an exceptional opportunity to establish Time Inc. as a major presence in the dynamic Mexican magazine market.”

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