Time Warner to Sell Textbook Firm at a Loss
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NEW YORK — Time Warner Inc. said Wednesday that it will sell schoolbook publisher Scott Foresman & Co. to Rupert Murdoch’s Harper & Row at a loss, ending its failed effort to make big money in textbooks.
The $455-million deal, including the assumption of $48 million in debt, is the latest acquisition of a U.S. book publisher by a foreign group and comes at a troubled period in U.S. publishing. The transaction will result in a $175-million pretax loss in the fourth quarter for Time Warner.
Analysts said the deal was good for both companies, despite the loss for Time Warner.
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