In the first major sale of assets since Time Inc. acquired Warner Communications last July, the merged company agreed last week to shed a subsidiary that had turned out to be a disappointing performer. Time Warner said it will sell its Illinois-based textbook publishing unit, Scott, Foresman, for $455 million to Harper & Row Publishers, which is owned by media baron Rupert Murdoch's News Corp. When it bought Scott, Foresman in 1986, Time paid $520 million and assumed $50 million in debt. Time Warner's losses on the Scott, Foresman investment will total $175 million, which will be written off in the...
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