Thomson Wants to Sell Magazine Unit

The media giant says print doesn't fit in with its core electronic data franchise.
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Media powerhouse

Thomson

(TOC)

wants to sell its magazine division, saying it doesn't fit in with the company's core ambitions in the electronic data sector.

The company said Monday it will try to sell its Thomson Media group, a unit that comprises publications including

American Banker, The Bond Buyer, Investment Dealers' Digest

and other periodicals.

"While Thomson Media magazines and businesses possess extraordinary brand equity, strong and loyal customer bases and talented employees, these businesses do not provide the type of synergies that strengthen the core electronic information businesses within Thomson," the company said in a release.

Thomson hired Morgan Stanley to help sell the operations, which had 2003 revenue of about $170 million. It expects to complete the divestiture by the end of the year.