K-III to sell non-core units

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In a major departure from its growth through acquisition strategy, K-III Communications said it plans to sell a number of "non-core" businesses: The Daily Racing Form, Pro-Football Weekly, New Woman, Newbridge Book Clubs and Krames Communications. The company previously announced it intends to divest the Katharine Gibbs Schools. The units being divested had revenue last year of about $261 million, roughly 19% of total K-III revenues of $1.374 billion. Separately, the company said it plans in April to make another public offering of 12.5 million shares of common stock. Proceeds will be used to redeem the company's outstanding senior exchangeable preferred stock and repay debt.

Copyright March 1997, Crain Communications Inc.

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