By: Mark Fitzgerald
AchieveGlobal Goes For $100 Million
CHICAGO – Tribune Co. said Tuesday it has agreed to sell another former Times Mirror property that does not fit in its core media business. Chicago-based Tribune said it has agreed to sell AchieveGlobal, a sales and management training firm, for $100 million after taxes to closely held International Research, an information and training company.
“Divesting another non-core asset emphasizes Tribune’s focus on our major-market media businesses of broadcasting, publishing and interactive,” Timothy Kennedy, Tribune vice president of development, said in a statement.
Tribune acquired AchieveGlobal in June as part of its $8 billion purchase of Times Mirror. Since then, Tribune has shed the former Times Mirror property Jeppesen Sanderson, an airline flight schedule information company for $1.5 billion in cash, and has put the Times Mirror Magazines unit up for sale. Tribune also sold its education group to McGraw Hill for about $680 million in cash.
Tribune said it would use the proceeds from the AchieveGlobal sale to reduce debt and repurchase stock.
Mark Fitzgerald (firstname.lastname@example.org) is editor at large for E&P.
Copyright 2000, Editor & Publisher.