In Brief : British Publisher Sells More Assets
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LONDON — British publisher Robert Maxwell said today that he is selling assets worth $1 billion to streamline his media-based empire, in addition to another $1 billion in sales already made.
Maxwell has been selling interests on both sides of the Atlantic to reduce borrowings made to finance his takeover drive, including last year’s $2.5-billion purchase of New York-based publishing giant Macmillan Inc.
The sales would cover more than half the cost of buying Macmillan and the Official Airlines Guides last year.
Maxwell said in a statement that a total of $2 billion was being raised from British and U.S. sales by his Maxwell Communication Corp.
Maxwell has already raised $1 billion from the sale of Macmillan subsidiary Michie Co. and a 23% stake in British publishers Norton Opax.
Maxwell said he now hopes to raise $1 billion more by disposing of parts of Macmillan, Maxwell Communication and Official Airlines Guides, which supplies printed and electronic airline data.
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