Time Warner to Sell Book Unit
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Time Warner Inc. is selling its book publishing division to the French conglomerate Lagardere for $537.5 million, the companies said Monday.
Time Warner Book Group is the fifth-largest U.S. book publisher, with a stable of writers that includes Nelson DeMille and James Patterson. Its major imprints include Warner Books and Little, Brown.
The deal would make Lagardere’s book-publishing unit the third-largest worldwide. The companies said the purchase was part of Lagardere’s strategy of building a portfolio of book publishing in French, English and Spanish.
In addition to publishing books, Lagardere owns Hachette Filipacchi Medias, which publishes magazines including Elle, Premiere and Car & Driver.
Time Warner, the world’s biggest media company, has been trimming its diverse portfolio in recent years.
Shares of New York-based Time Warner rose 17 cents to $18.57 on Monday.
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