Reed Elsevier Plans to Sell U.S., European Publications
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LONDON — Reed Elsevier plans to sell publishing companies in Britain, the Netherlands and the United States that generated more than $900 million in revenue last year, or about 19% of its overall group revenue, the media company said Tuesday.
Reed said the sale will enable it to concentrate on scientific, business and professional publishing.
The properties put up for sale include Cahners Consumer Magazines, whose U.S. titles include American Baby, Modern Bride and Sail.
It is also selling Reed Consumer Books of Britain and Australia, whose imprints include Hamlyn, Heinemann and Secker & Warburg, and it holds copyrights on the characters Winnie the Pooh, Babar the elephant and Thomas the Tank Engine.
Other operations to be sold include Reed Regional Newspapers, Britain’s largest publisher of free newspapers; the Dutch magazine publisher Bonaventura, and Dagbladunie of the Netherlands.
“In view of Dagbladunie’s significance in the Dutch media market, the board will be exploring the option of flotation as well as a private sale,” the company said.
The businesses being sold had total sales of $920 million in 1994 and operating profit of $122 million. That represented 19% of group sales and 11% of group operating profit.
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