United News & Media Sells UAP Inc to Trader Publishing Company

Posted on May 10, 2000

United News & Media has announced that it has agreed to sell UAP Inc, its US consumer magazines business, to Trader Publishing Company for $520m in cash. The sale is part of a divestment programme unveiled by United at the time it announced its proposed merger with Carlton Communications. UAP Inc is a free-to-the-public consumer magazine and online advertising business specialising in the real estate rental and sale, motoring and parenting markets across the United States.

This sale brings to $840m the amount raised by United through disposals since it announced the Carlton merger. It follows the successful sale of the Visual Communications Group and the disposal of the Group's head office property in March. Marketing of those parts of the Miller Freeman business services portfolio that are for sale has now begun, and further announcements are expected in due course.

Bernard Gray, Director of Group Strategy at United said, ``The sale of UAP Inc is another milestone in the development of United as a focused media company. We committed to our disposal programme and we are delivering in a timely way. At the same time we are reinvesting in the business by building our New Media division rapidly to generate substantial value for shareholders.''

UAP Inc publishes the Apartments for Rent and Harmon homes series of magazines and well as a series of auto and parenting titles. UAP has a growing online business in UAP.com, harmonhomes.com and aptsforrent.com.