DIVESTITURES: Lightening The Load

Lightening The Load

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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!