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COMPANY TOWN | Deals

Reed Elsevier to Buy Disney Units:

June 24, 1997

LONDON — Reed Elsevier, a British-Dutch media company, said it is buying a trade magazine publisher and two other Walt Disney Co. units for $447 million. Reed Elsevier said it will pay cash for the three main units of Chilton Business Group, which was owned by Disney's ABC television network. The purchase of the Chilton companies will add to earnings from the start and provide significant tax benefits, Reed Elsevier said. Last year, Chilton posted a pretax profit of $28 million on sales of $203 million. The purchase of Chilton's three main businesses was made through a blind auction, with Elsevier's bid represented by Peter Solomon Co. of New York.

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