Three publishers in swap of units

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In a complex three-way deal, McGraw-Hill Cos. acquired the higher-education group of Times Mirror Co. In exchange, TM will acquire McGraw-Hill's Shepard's legal publishing unit and contribute that asset to a new 50/50 partnership with Reed Elsevier. Times Mirror called the new joint venture "the first step in what is expected to be a broader strategic alliance" between TM's Matthew Bender and Reed Elsevier's Lexis-Nexis.

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