Thomson To Reorganize and Shed Learning Unit; Reports Higher Profits
Observers say sale could yield $5 billion.
The Thomson Corp. this week announced that it is selling off Thomson Learning as part of a strategic shift that will re-organize its business starting in January into six core units: North American Legal, Financial, Scientific, International Legal & Regulatory; Tax & Accounting and Healthcare.
The company says it already sold NETg, a provider of continuing corporate education and training, to Skillsoft PLC, for $285 million and expects to complete the sales of assessment service Prometric and the Higher Education, Careers and Library Reference group by 2007. A Wall Street Journal report says the sale of Thomson Learning could yield more than $5 billion.
Thomson also released its third quarter financials, reporting revenue up 5 percent to $2.4 billion, with organic growth accounting for 3 percent of that boost. Meanwhile, operating profit jumped 6 percent to $549 million. The company attributed the growth to the performance of its electronic products.