Reed Elsevier to Sell Most U.S. Publications; Will Keep Variety

Authored by Mark Hefflinger on July 31, 2009 - 4:30am.

Los Angeles - Reed Elsevier announced on Thursday that it has put a significant portion of the trade publications that make up its U.S. unit up for sale, and that Tad Smith, CEO of the unit, has tendered his resignation, Variety reported.

Variety is among the few titles that Reed Business Information-US (RBI-US) intends to keep; the long list of titles now on the block includes Broadcasting & Cable, Publishers Weekly and Video Business.

"This has been a difficult decision to reach as there are many strong brands here, with very experienced and professional teams running them, but we have concluded that they are less well suited to RBI's strategy going forward," Keith Jones, global CEO of RBI, told Variety.

"We have decided to focus our efforts and investments on a narrower range of brands and markets.

"We have to contend with a far harsher advertising environment than any of us have experienced before and, in such a climate, we have to focus not just on innovation and efficiency, but also on ensuring that our portfolio is well-matched with our long-term ambitions."

http://www.reed-elsevier.com