Library Journal, Sibling Publications Are for Sale
Publisher pledges continued excellence and growth, as RBI divests titles
-- Library Journal, 8/3/2009
- RBI divesting most U.S. trade magazines
- Banker appointed for sale
- Publisher pledges continued excellence
Reed Business Information (RBI) is putting Library Journal and its affiliated publications, School Library Journal and Publishers Weekly, up for sale. The transaction is part of RBI’s strategy to divest most of its trade magazines in the United States. A few, including Variety, will not be sold.
Last year, Reed Elsevier, parent company of RBI, tried to sell all of RBI but dropped the plan when it couldn’t get the price it wanted in a depressed market for media properties. In a related announcement, Tad Smith, CEO of RBI U.S., has resigned. John Poulin has been named acting CEO; he will head the divestiture.
Today paidContent suggested that the process is moving along, given that RBI has appointed The Jordan, Edmiston Group as the banker. While Reed would prefer to sell the package of some 50 titles to one buyer again, paidContent predicted that, given the market, the deals likely will be piecemeal.
Publisher’s comment
"The Publishing Group (Publishers Weekly, Library Journal, and School Library Journal) accepts the decision of our corporate parent to divest the U.S. RBI business,” commented Ron Shank, VP and Group Publisher. “Since early 2008 this has been the stated intent, paused only by the economy and credit markets. We will continue to increase our value to advertisers and the entire user community.
“We’re extraordinarily proud of our online growth, platform diversity and achievements, our vibrant in-person events and programs, and our print titles, which continue to sparkle with lively features,” he added. “We are reminded often, by readers and clients, how much value these titles add to their professional lives by delivering great content and covering vital client developments. We are focused on increasing the depth of our relationships with customers and are looking for new opportunities to engage users.
“These brands have enormous global equity built over a century-plus of service. The people who work on PW, LJ, and SLJ and those who provide support are extremely knowledgeable, passionate, and devoted. Any buyer who places these brands in a nurturing environment will be rewarded with success. Our customers should expect continued excellence in service and results from us and that’s exactly what they’ll get," concluded Shank.
