REED PAPER GROUP IN BRITAIN WILL BUY LARGEST PUBLISHER

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP88-01314R000300500022-4
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 1
• Document Creation Date: December 16, 2016
• Document Release Date: September 2, 2004
• Sequence Number: 22
• Publication Date: January 24, 1970
• Content Type: NSPR

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Approved ForI~ lea a 004/0' ~A~I3 2 DP88-013
fa a rou
heed ~ r P i
In Britain Will Buy
Largest Publisher
Special to The New York Times
LONDON, Jan. 23-The In- Mr. Ryder said: "There will
ternational Publishing Corpo- be a high degree of autonomy,
ration, the largest publishing and the separate identity of
company in the world, is to be T.P.C. will be insured. There,
taken over by the Reed paper will. be complete security of
group. 'edito ial 1{eedom
International Publishing Cor- -
poration. publishes The Daily
Mirror, whose circulation. of
5,130,000 is the largest in the
Western world; and two Sun-
day papers, The People and
The Sunday Mirror,, which be-
tween them have a circulation
of 10,546,000. In addition the
company publishes some 300,
magazines.
The Reed group has inter-
ests in paper,, newsprint, pa-
perboard, packaging and wall-
`paper. In a way, it is taking
over a parent company. Inter--
national - Publishing owns 27
per cent of Reed's ordinary
capital.
The deal, which was an-
nounced tonight, creates a
group with a stock-market
value of the equivalent of $544-,
million. The assets of the two,
companies total $996-million.'
,The takeover is to be effected
,by an exchange of shares -- ~;
,eight Reed shares for 25 Inter-
national Publishing shares.
The two companies have been
associated for more than 50
years. But while Reed has been
expanding internally and
through major acquisitions, in-
ternational Publishing has suf-
fered heavy losses on its print-
ing operations and a drop in
profits on its women's maga- ,
tines. Though the daily and
Sunday papers sell widely, their
growth has slowed.
There has been criticism of
the corporation's decision to
sell, The Sun, a daily paper, to
Rupert Murdoch, an Australian
publisher who has given it a
tabloid format in competition
with The Daily Mirror.
Hugh Cudlipo, chairman of
International Publishing, was
closely identified with the sale
of The Sun. He became chair-
man of the corporation only
after the board of directors
suddenly- removed Cecil King
from the chairmanship in May,
?;1968. Mr. King had previously
been chairman of both Interna-
tional Publishing and Reed.
There are several directors on!
the boards of both companies.
The most powerful man in
the British newspaper industry;
will now be S. T. Ryder, the
53-year-old chairman of Reed.
He is to become chairman and
chief executive of the combine,
and Mr. Cudlipp is to revert to,
an editorial role as one of three-
Approved For aareC978~~?1-RDP88 013148000300500022-4