Reed Business’ Sale Process Moving Quickly; Appoints a Bank

Reed Business USA

At least this time it has started a lot faster: Reed Business Information U.S. has already decided on a bank, we have learned from sources: The Jordan, Edmiston Group is the banker appointed to help it sell properties such as B&C, Multichannel News, Publishers Weekly, Twice and Video Business among others.This is a record pace compared to the previous aborted attempt by parent Reed Elsevier (NYSE: RUK) last year to sell of all of RBI worldwide. The full list of publications for sale are here. Reed wants to sell it off to one buyer again this time, but likely will be piecemeal in this environment.

This comes as the company also announced earlier last week that longtime U.S. top exec Tad Smith was leaving as CEO of Reed Business Information-U.S.; RBI CFO John Poulin is now acting CEO for RBI-US, reporting to Global RBI CEO Keith Jones.

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