Reed sells IPC magazines to venture capital group

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LONDON -- Reed Elsevier has sold its U.K. consumer magazine division, IPC Magazines, to the U.K. venture capital group Cinven in a management buyout worth $1.38 billion in cash. The venture capital group was able to offer Reed a quick sale because it could avoid any potential regulatory hurdles that media giants would face.

Although Reed never confirmed any potential buyers, those thought to be interested in IPC included Bertelsmann of Germany, Hachette of France, and U.S.-based Hearst and Time Warner and Emap of the U.K.

IPC publishes 75 consumer titles in the U.K., including the men's magazine Loaded, TV Times and Woman's Own.

Anglo-Dutch Reed Elsevier has moved away from the consumer market to concen- trate on "must have" titles in scientific, professional and business publishing.

Copyright January 1998, Crain Communications Inc.

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