Reed Elsevier in advanced talks to sell magazines

Publishing and events group Reed Elsevier is in advanced talks to sell some of its loss-making trade magazines and will close other titles during the first half of 2010, according to an internal memo. John Poulin, chief executive of Reed Business Information in the United States, told staff he expected to announce the sale of various titles to separate buyers in the next few months, after the company failed to sell the whole business in 2008. Reed's RBI trade-magazines division brought in £463m ($739m) of revenue in the first half, 15 per cent of the company's total, and 5 per cent of operating profit. As well as controlled-circulation magazines that are distributed for free and paid for by advertising, RBI includes paid-for titles such as Variety and Reed Construction Data US & Canada, which the company intends to keep. Reed Elsevier is a leading provider of publications and related work tools for scientists, healthcare professionals, lawyers and financial institutions. It also owns the world's biggest trade-exhibitions business.