THOMSON TO SELL NEWSPAPER BUSINESS, HANG ONTO GLOBE AND MAIL
By Adnews Staff
The Thomson Corporation is getting out of the newspaper business. The Toronto-based company plans to sell its Thomson Newspapers business, excluding The Globe and Mail. In a release, Richard Harrington, president and chief executive officer of Thomson, said following a strategic review of its businesses, Thomson Newspapers was outside of the corporation's strategy of being a global provider of information and solutions for businesses and professionals. Thomson Newspapers publishes 55 daily newspapers, 75 non-daily newspapers and provides 400 specialty products and services. Excluding the Globe and Mail, Thomson Newspapers had estimated revenues of $810 million (US) in 1999. Following the sale of the newspapers, expected to be completed during the second half of this year, Thomson said it will focus on technology-driven information and solutions for businesses and professionals which have global potential. Although no potential buyers have been named, Thomson Corporation has in the past sold several of its daily and community papers to Hollinger Inc. Thomson Corporation has retained Goldman Sachs to assist in the sale of its newspaper business.