Thomson Selling Its Print Businesses
Thomson Corp., publisher of Bond Buyer and American Banker, said it is selling those newspapers and several other print businesses as part of its effort to become a solely electronic publishing company. All publications and services in the banking, insurance and investment marketing group will be sold, except Wiesenberger, a Rockville, Md.-based electronic fund-tracking service, the company said. Toronto-based Thomson hired Morgan Stanley as advisor on the sales. “Our electronic information services are faster growing and over time have the opportunity to have higher margins,†said Chief Executive Patrick Tierney. Businesses to be sold include Credit Union Journal, Securities Industry News, Traders Magazine and Nelson Information. The businesses put up for sale have about 1,400 employees and about $250 million in annual revenue, Tierney said.
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