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Thomson to Sell Media Group for $350 Mln
OTTAWA (Reuters) - Thomson Corp. (TOC.TO: Quote , Profile , Research ) said on Friday it will sell its media division to investment group Investcorp in a $350 million cash deal that will tighten its focus on electronic publishing. Thomson Media, which had 2003 revenues of about $170 million, is the publisher of more than 50 trade publications, including American Banker and The Bond Buyer, as well as electronic databases. The Toronto-based publisher, which hired Morgan Stanley to help it sell the division in June, said the sale to Investcorp is slated to close before year-end. "We knew that the sale was going to happen, they announced that their intention was to sell. They already had classified it (the media group) as a discontinued operation on the financials," said UBS Warburg analyst Jeffrey Fan. "The actual price came in slightly higher than expectations." Media reports speculated that Thomson Corp. would receive as many as six bids for the group, with offers seen topping $300 million. Shares in Thomson were down 11
canadian cents to C$44.15 on the Toronto Stock Exchange and up 23 cents to $35.32 in New York after the deal was announced. Thomson, which once owned a newspaper empire that included the Times of London, said it wanted to sell the group's magazines and newspapers because they no longer fit with its core business. The group also includes the National
mortgage News, Investment Dealers' Digest, Financial Planning, Accounting Today, DM Review, Accounting Technology, Practical Accountant and EPICWare. "Thomson wanted to move away from this print-based business and they're moving more toward more of an electronic publisher," Fan said. "This wasn't really part of the fit." The company ended negotiations in 2002 to sell the group as a deal, rumored to be worth $250 million, was scuppered after intense haggling, sources said at the time. ($1=$1.25
canadian)
Source: reuters.com