Reed Elsevier to sell RBI
Division includes Variety
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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 revenues of $1.76 billion.
Tad Smith is chief executive officer of RBI-US.
