Printer Friendly

ENCYCLOPAEDIA BRITANNICA, INC. SELLS COMPTON'S MULTIMEDIA PUBLISHING GROUP TO TRIBUNE COMPANY

 CHICAGO, July 6 /PRNewswire/ -- Encyclopaedia Britannica Inc. (EB, Inc.), announced today an agreement to sell its Compton's MultiMedia Publishing Group Inc. (CMPG) subsidiary to Tribune Company (NYSE: TRB).
 Purchase price is approximately $57 million, officials of both companies said.
 CMPG consists of both Compton's NewMedia, a software publishing company with operational headquarters in Carlsbad, Calif., and Compton's Learning Company, the Chicago-based publisher of the print version of Compton's Encyclopedia.
 Tribune Company is a leading information and entertainment company. It publishes six daily newspapers, including the Chicago Tribune, operates seven TV and six radio stations, produces and syndicates information and programming and has an interest in newsprint manufacturing.
 Robert P. Gwinn, chairman and chief executive officer of EB Inc., made the announcement jointly with Tribune Company officials.
 "The rapid growth of Compton's MultiMedia Publishing Group since its formation in December 1991, had made it an extremely attractive property in today's technology market," Gwinn said.
 "Tribune Company's offer was quite attractive and one our board of directors believed to be in the best interest of Britannica and Compton's."
 Compton's MultiMedia Publishing Group is the publisher of -- among other works -- the widely acclaimed Compton's Interactive Encyclopedia, now available in both CD-ROM and CD-I formats. Compton's Interactive (in its original Compton's MultiMedia Encyclopedia configuration) was deemed the first encyclopedia with true multimedia (print, sound and visual) capabilities when it debuted on the market in early 1990.
 Since then, the Compton's NewMedia division of CMPG has created scores of other CD-ROM products for home computer use. The print Compton's Encyclopedia also has become a significantly lauded product in the student reference market, and completed a multi-year major editorial and graphic revision in 1992.
 EB Inc., acquired Compton's Encyclopedia in 1961. The encyclopedia long has been a staple in the North American reference market and in 1992 celebrated its 70th year of publication.
 Gwinn said Britannica will continue the aggressive development and marketing of other technology-based products that are not involved in the Compton's sale.
 "Our product development and marketing efforts now will focus on an entirely new series of electronic aids, including business-to business database researching tools like our new electronic fact checking database," Gwinn said.
 "We expect to be very active in the long term development of entirely new kinds of technology-based products which utilize our existing information and knowledge resources."
 In the mid-1980s, EB Inc. bought a number of California-based software companies and formed them into Britannica Software Inc. In late 1991, Britannica Software Inc., underwent a name change to Compton's NewMedia and was combined with Compton's Learning Company to form CMPG.
 The Compton's Encyclopedia editorial staff has been based in Chicago, along with the executive and marketing staffs of its parent, Compton's Learning Company.
 EB Inc. is the owner of three other domestic subsidiaries -- Encyclopaedia Britannica Educational Corporation, Merriam-Webster Inc. and Evelyn Wood Inc. It also has interests in a host of overseas subsidiaries and joint ventures. Its main domestic marketing wing is the Encyclopaedia Britannica North America division.
 The Encyclopaedia Britannica is the oldest continuously published reference work in the English language. This year the encyclopedia celebrates its 225th continuous year of publication.
 -0- 7/6/93
 /CONTACT: Roald H. Haase, 312-347-7155, for EB Inc./
 (TRB)


CO: Encyclopedia Britannica Inc.; Compton's MultiMedia Publishing Group
 Inc.; Tribune Company ST: IN: PUB SU: TNM


SH -- NY042 -- 8676 07/06/93 14:02 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 6, 1993
Words:560
Previous Article:MEDIMMUNE CHAIRMAN, CEO NAMED REGIONAL ENTREPRENEUR OF THE YEAR; WAYNE T. HOCKMEYER HONORED FOR CONTRIBUTIONS IN THE LIFE SCIENCES FIELD
Next Article:SECOND L.L. BEAN JAPAN STORE ATTRACTS LARGE CROWDS AND HIGH SALES
Topics:


Related Articles
TRIBUNE TO ACQUIRE COMPTON'S MULTIMEDIA, CONTEMPORARY BOOKS; TRIBUNE NEWSPAPER CO. CHANGES NAME TO TRIBUNE PUBLISHING
COMPTON'S TO COOPERATE IN PATENT REEXAMINATION
TRIBUNE TO ACQUIRE WRIGHT GROUP, EDUCATION PUBLISHER
TRIBUNE TO ACQUIRE WRIGHT GROUP, EDUCATION PUBLISHER
STANLEY D. FRANK RETIRES AS COMPTON'S PRESIDENT/CEO
TRIBUNE CEO JOHN MADIGAN ELECTED BOARD CHAIRMAN
ENCYCLOPAEDIA BRITANNICA TO BE SOLD
ACQUISITION OF ENCYCLOPAEDIA BRITANNICA COMPLETED
The New York Times on the Web and Encyclopaedia Britannica Announce On-line Partnership.
Compton's Encyclopedia Returns to Britannica; In Deal with Broderbund LLC and Success Publishing Group, Company Reacquires Exclusive Rights to...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters