VNU to cut 4,000 jobs in European sell-off
December 18th, 2006 by Wendy McAuliffe
News has just broken that VNU has agreed to sell its European business magazines to private equity firm 3i. The sale is likely to result in 4,000 redundancies, in order to reduce VNU’s cost base by 10 percent next year.
UK magazines being sold to 3i are Accountancy Age, ComputerActive, CRN, Computing, Financial Director, Information World Review, IT Week and Personal Computer World. The online newswire VNUnet is also included in the sale.
Further details of the sale have been reported this afternoon by Reuters.
According to reports, the BME deal has been valued at €320m (£215m).
