STAMFORD, CT: The Thomson Corporation announced June 7 it is looking for a buyer for Thomson Media, a group that operates financial businesses and news publications like American Banker, Accounting Today, and The Bond Buyer.
Thomson Corporation plans to complete the sale of the businesses by the end of the year, according to a company release, and prefers to sell the businesses together. No layoffs or reorganization is planned for the group during the sale. Thomson Media was withdrawn from the market in January 2002 after briefly being for sale.
Thomson Corporation is working with Abernathy & McGregor on PR for the sale, and Morgan Stanley has been retained as a financial adviser.
"While Thomson Media magazines and businesses possess extraordinary brand equity, strong and loyal customer bases, and talented employees, these businesses do not provide the type of synergies that strengthen the core electronic information businesses within Thomson," Thomson Media CEO Jim Malkin said in a release.
Thomson Media had 2003 revenues of about $170 million.