TORONTO - Thomson Corp. announced Tuesday that it would sell certain businesses in its Thomson Financial business unit, including American Banker.
The company said the decision was based on a determination that the daily newspaper, along with several other publications and information services, was not a core asset.
Based in Toronto, Thomson provides business and professional information in several markets, including educational, legal, and financial. The mission of Thomson Financial has changed, according to a statement from president and chief executive Richard J. Harrington.
That unit is now focused on providing "e-solutions to the global financial services industry," he said. In contrast, the properties it hopes to divest are publishing, directory, and conference businesses.
In addition to American Banker, Thomson is selling The Bond Buyer, also a daily newspaper, Credit Union Journal, National Mortgage News, and Sheshunoff Information Services. Other businesses and brands to be divested include Financial Planning, On Wall Street, and Securities Industry News.
Thomson, which reported $5.8 billion in revenues in 1999, said it expects the transaction to be completed later this year and has retained Morgan Stanley Dean Witter & Co. to be its financial adviser on the sale.
Thomson acquired American Banker in 1983. The newspaper was founded in 1836.