LONDON - Rupert Murdoch-owned News Corporation has announced that it would be unloading the firm which publishes the Times Educational Supplement newspaper to Exponent Private Equity in a deal worth £235 million ($415 million).
TSL whose main print titles happen to be The Times Educational Supplement (TES), The Times Higher Education Supplement (the Higher) and Nursery World said that the Times Literary Supplement is not included in the sale deed. This is the first time that any of Mr. Murdoch’s investments in the UK have been dismantled since he began his UK stint 36 years ago.
"TSL Education has a tremendous position at the heart of the UK education sector. Its titles have a great heritage and have served the education market well for many decades. I look forward to working with the team to ensure that TSL Education serves the needs of the next generation of education professionals," said Bernard Gray, who will be taking over at the chief executive of TSL Education.
He added that publications, the internet and face-to-face media offered "exciting opportunities to develop TSL Education as the pre-eminent source of information for everyone involved in education."
News International, a UK subsidiary of News Corp said that it would utilize the proceeds of the sale towards the planned installation of new printing presses. News International also owns The Times and The Sun.
TSL's educational titles have circulation figures of more than 143,000 per week. It also happens to be the market leader in providing classified advertising for job vacancies in schools, colleges and universities in the country.
Posted
on : Wed, 05 Oct 2005 08:35 GMT | Business News
By : Rob Davis
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