By: Staff reports
Company To Focus On Internet Business
The Thomson Corp. announced it plans to sell all its newspapers, excluding its flagship,
Canada’s The Globe and Mail, in order to focus on its Internet businesses.
Thomson publishes 55 daily and more than 75 non-daily newspapers as well as speciality
publications. Excluding the Globe and Mail , the newspapers generated $810 millions in
revenues in 1999. The sale is expected to be completed in the second half of 2000.
Overall, Thomson reported $6 billion in revenues in 1999. About half of that, excluding
newspapers, came from electronic services, and Thomson hopes to increase that to more
than 80% in the next five years, says Richard J. Harrington, CEO of Thomson Corp. Over
the past decade, the company has been shedding newspapers and concentrating its holdings
in high-growth markets in the U.S. and Canada.
Thomson plans to use proceeds from the sale of the newspapers to reduce debt and fund
investments in its other divisions, which provide professional information to the
corporate, financial, scientific, and education communities.
(c) Copyright 2000, Editor & Publisher