Reed Elsevier to sell Video Business parent
-- Video Business, 2/22/2008
FEB. 22 | LONDON—Reed Elsevier has announced that it plans to sell Reed Business Information, the magazine publishing division that includes Video Business, Variety and Daily Variety, Broadcasting and Cable, Multichannel News, Publishers Weekly and New Scientist.Reed Elsevier chief exec Crispin Davis said the move was aimed at “reducing exposure to advertising markets and cyclicality,” enabling the Anglo-Dutch group to focus on its core business of “subscription-based information and workflow solutions.”
“RBI is a well-managed, high-quality business as evidenced by the success of its online growth and the control of costs,” Davis said.
No talks are yet under way with potential buyers, and no timetable has been laid out for the disposal. “The precise method of divestment of RBI will be the subject of review in coming months,” said a company statement.
In 2007, RBI had revenue of $1.76 billion.
Tad Smith is CEO of RBI-US.
