Magazine article Curriculum Administrator

Tribune to Sell Its K-12 Supplementary Materials Unit

Magazine article Curriculum Administrator

Tribune to Sell Its K-12 Supplementary Materials Unit

Article excerpt

Up-to-date and usable education information from schools, government, business, research and professional organisations

With its multi-billion-dollar purchase of the Times Mirror newspaper chain virtually complete, the Chicago-based Tribune Company is putting its Tribune Education division--the nation's largest K-12 supplementary materials publisher--on the block. The move was made in part to raise capital to help defray the costs of the Times Mirror acquisition, and also to allow the new Tribune/Time Mirror conglomerate to better concentrate on its core media businesses.

The six-year-old Tribune Education division, which carries such imprints as Everyday Learning/Creative Publications Group, the Wright Group and Landoll, is generating a healthy $400 million a year in revenues, and CA estimates that its sale could fetch as much as $600 million to $800 million. Even at such lofty numbers, several publishers might be interested in the properties. Tribune has retained the investment banking giant Salomon Smith Barney to handle the sale, which will likely occur before the end of the summer.

"Clearly, the education market is not their focus after the Times Mirror deal, especially with [Robert] Bosau gone," says Peter Appert, managing director of the investment bank Deutsche Banc Alex. Brown. Bosau, who was president of Tribune Education since its inception in 1994, retired at the end of last year.

Under Bosau's leadership, Tribune Education became the pre-eminent K-12 supplementary materials publisher when the market grew rapidly in the mid-1990s as schools began to look toward buying less expensive, nontraditional instructional materials to help teach students.

The company did not possess a lot of out-and-out winning products, but carried a solid slate of offerings from several imprints that it could sell in various markets. …

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