RBI Sells and Closes in the USA
RBI has told its emlpoyees in the USA that it is selling many of its controlled circulation titles and closing others. There will be job losses. I hear there were no bidders for the entire bundle of US assets that were identified for sale and most of the titles now being sold are either loss making or near to. RBI is keeping its Construction data business and Variety (both run by ex RBI UK managers).
A bloody and painful time. So what of the UK business? Nothing yet heard from new Reed Elsevier CEO but I would expect more pain there too as the full bite of the downturn grinds further into revenues