Variety, Publishers Weekly and dozens of other trade publications are going up for sale as the publishing company Reed Elsevier looks to get out of the uncertain advertising market.
The company’s business information unit includes some relatively well-known titles (Broadcasting & Cable, Multichannel News, New Scientist) along with sector-specific publications (Custom Builder, Microprocessor Report, Home Textiles Today). Of the 400 publications, the most prominent is Variety, the Hollywood trade magazine.
Last year, the unit had revenue of $1.76 billion with an adjusted operating profit of $233 million. Most of the revenue came from advertising. The trade show business, Reed Exhibitions, will not be sold.
Analysts estimated that Reed Business Information would fetch at least $2 billion.
[via The New York Times]
