Source Interlink Companies Inc. announced the settlement of its antitrust lawsuit against Time Inc. and Time/Warner Retail Sales & Marketing Inc. Using the strength of their long-standing association, the parties reached a multi-year agreement securing Source's access to Time Inc. magazine products.
In a separate press release, Source Interlink reported that its magazine distribution unit, Source Interlink Distribution, has been awarded important new business from Wal-Mart Stores, Kroger / Fry's Companies and Basha's Supermarkets. This additional business increases Source's store count by 662 stores in 9 states.
"We are extremely pleased to announce this expression of confidence from our retailer partners," said Greg Mays, Chairman and CEO of Source. "The action of these leading retailers is particularly gratifying in light of the recent market disruptions. As the flow of product to our distribution network resumes, nearly all of our major retailers have reaffirmed their selection of SID as their exclusive supplier of magazine products. We feel this customer loyalty reflects their recognition of the great service we have provided them over the years. Our goals and those of our retail partners and publisher clients remain aligned. Finally, I want to acknowledge our employees for both their core commitment and their energy in building new business."
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