Reed Elsevier plans £1.3bn mags sell-off

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The sale of Reed Business Information, one of the world's largest publishers of business-to-business magazines, is a huge milestone in the transformation of the Anglo-Dutch business from a paper publisher to online provider.

The business could fetch up to £1.3 billion, according to analysts, and is likely to attract interest from all sorts of bidders including rival publishers and private - equity firms to specialists interested in single titles.

At the same time, Reed has launched a recommended $4.1 billion (£2.1 billion) for ChoicePoint, a leading online data and analytics provider to the insurance industry.

Chief executive Sir Crispin Davis said: "Broadly, print publishing is flat while online is growing at around 11% a year. Seven years ago Reed was 100% print, today it is 50% online and within three years that will rise to 75%. Everything we have announced today is designed to accelerate our rate of growth."

He also confirmed cost-cutting measures designed to save £245 million over the next four years but refused to comment on reports that this could lead to up to 1000 job losses. "There will be jobs going," he said. "But we intend to tell our employees about them first."

Other titles up for sale include one of Britain's most profitable magazines, Estates Gazette, Flight International and Caterer and Hotelkeeper. The business also includes the Kellysearch directories listing producers, suppliers and services around the world. Reed will keep its growing exhibitions business but is proceeding with the sale of its controversial defence exhibitions business.

Reed Business Information made profits of £260 million on revenues of £906 million last year. Davis said he was open to any kind of offers: "Nothing's ruled in and nothing's ruled out. This is a quality business and we may have to be patient about it in order to achieve the right price." Last month Reed returned £2.5 billion to shareholders after the sale of its US education business Harcourt.

Reed revenues rose 2% to £4.58 billion last year, with headline operating profits up 5% to £1.14 billion. The dividend rises 14% to 18.1p.