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Magazine deal seen unfolding

Meredith (MDP), whose magazines include Better Homes and Gardens and Fitness, is in talks to buy several magazines from Time Warner (TWX), including People and InStyle, reports said. Two weeks ago, Time Warner's magazine unit said it would cut 500 jobs, 6% of its staff. Fortune, also owned by Time, said in a report that it, Time and Sports Illustrated, would likely be excluded from sale. Time Warner and Meredith officials declined to comment. Meredith rose 7.6% to 40.85. Time Warner rose 1.5% to 53.63.