Dutch-Anglo publisher Reed Elsevier is selling off Variety and the rest of its trade pubs in order to reduce its exposure to the advertising business, the company announced this morning. Reed says it hasn’t started talking to buyers for the 135-publication unit.
A year ago this would have been a relatively easy deal — the publisher has an impressive stable of brands, and has been dilligently ramping up its digital offerings, which now account for 30% of its business. But the imploding credit markets have Reed management making cautious comments about the sale, and emphasising that there’s no timeline for a transaction.
Last year Reed Business Information posted revenues of $1.77 billion, up 4% after factoring out exchange rates. Reed will keep its exhibition business, which had previously been tethered to the trade publisher. And it is also laying out $3.5 billion for ChoicePoint, an insurance information business it says will compliment its Lexis-Nexis offering.
See Also: Variety To Staff: Join The Biz, Please!
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