The publisher last year announced plans to divest the businesses because of a lack of strategic fit with the other businesses in the Thomson Financial Group. However, due to a declining ad market and a weak economy that was worsened by the events of Sept. 11, Thomson said it was unable to realize proper value for the businesses through an auction process.
It said in a statement that nearly 40 buyers indicated interest in the businesses, but the board determined it was in the best interest of Thomson shareholders to retain the assets and manage them as an independent group.
The businesses will be managed in a new media group, which will be headed by Ronald Schlosser, president and CEO of Thomson Scientific & Healthcare.
When Thomson first announced it was selling its businesses last April, potential buyers identified included Dow Jones & Co. Inc., McGraw-Hill Cos. Inc., Wicks Business Information L.L.C. and Wolters Kluwer NV. Thomson retained Morgan Stanley Dean Witter & Co. to advise on the sale. At the time, sources said the group of publications could sell for up to $400 million.