In a year-end memo, the current CEO of B2B publisher Reed Business Information (RBI has stated that the company has not been able to sell a majority stake in its US-based magazine division as a whole. As a result, it will need to close certain titles and lay off a number of employees during the first half of 2010. RBI, a division of Reed Elsevier (RUK), has been trying to divest its magazine division for about two years now.
The memo further stated that the company is in advanced discussions to sell a number of titles to separate purchasers. It was, however, not clear which titles are marked for closure or how many employees may lose their jobs as a result.
In December 2009, RBI divested Broadcasting & Cable, Multichannel News and This Week in Consumer Electronics (TWICE) to NewBay Media. The deal is reportedly the only one that RBI has pulled off since putting majority of its trade magazines for sale in July.
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