Ripplewood Holdings LLC and ZelnickMedia Corp. have bought Time Life Inc., the music and video direct marketing subsidiary of Time Inc.

Time Life will be owned and operated by Direct Holdings Worldwide LLC, which was formed when Ripplewood and ZelnickMedia acquired Lillian Vernon Corp. in July 2003. Terms of the transaction were not disclosed.

Ripplewood Holdings LLC and ZelnickMedia Corp. have bought Time Life Inc., the music and video direct marketing subsidiary of Time Inc.

Time Life will be owned and operated by Direct Holdings Worldwide LLC, which was formed when Ripplewood and ZelnickMedia acquired Lillian Vernon Corp. in July 2003. Terms of the transaction were not disclosed.