Private Frazer’s Doomed Magazines

December 10, 2008

It’s over

Filed under: B2B magazines,Recession — privatefraser @ 4:15 pm

Some thought it would run for ever, but this afternoon the curtain seems to have come down on one of publishing’s best-loved productions. Yes folks: Reed shelves sale

I don’t know about you guys, but I’m going to miss it.

There’s slightly fuller coverage here from the FT. There’s a choice quote from our old mate Crispin Davies who should be a shoo in for any revival of Pollyanna after he retires next year:

“In two to three years’ time, and given reasonable economic conditions, we should sell this at a better price.”

The question on the analysts’ minds is whether Reed Elsevier will manage to be around in its present form in ‘two to three years’ time’:

“This is just about the worst outcome for Reed, which has not only failed to sell RBI but now has £1.3bn less of cash to refinance its debt than it had planned … Reed…has one of the most onerous refinancing schedules in the media sector [and] could see a liquidity gap in 2010.”

13 December update:

Moody’s drops publisher’s rating following deal news.


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