D.B. Hebbard of the Talking New Media website reports that “The Anglo Dutch media company Reed Elsevier today renamed itself RELX Group plc and announced a simplified corporate structure. The company also reported earnings in line with forecasts.
Reed Elsevier was once a major player in the U.S. trade magazine market after a series of acquisitions including that of Cahners. But mismanagement, and poorly time and ill-advised tech acquisitions, forced a series of divestitures (I got caught up in one of the first) that whittled away at its U.S. assets. In 2012, Reed sold the Variety group to Penske Media. “With Reed Business Information’s increasing focus on data services and the sale of our other US print magazines, it makes sense for us to sell the business,” Reed’s chief executive of the trade magazine division said at the time.
But Reed Elsevier, now RELX, is still one of Europe’s biggest players, reporting full year revenue of £5.77 billion, and an operating profit of £1.74 billion…
- Reed Elsevier to rename itself RELX Group – Financial Times
- Reed Elsevier rebrands as RELX and overhauls corporate structure – London Evening Standard
- UPDATE 2-Reed to revamp under new name RELX after results underwhelm – Reuters
- Publisher Reed Elsevier to rebrand as RELX, rejig corporate structure – domain-b
- Reed Elsevier to rebrand as RELX starting in July – CityAM
The name change and restructuring is also mentioned in the yesterday’s press release announcing the Reed Elsevier 2014 Results – notice it is on the newly named RELX Group website.