Bertelsmann said Monday it is seeking bids by the end of the week for its academic and professional publishing business, which the German media company intends to sell for about 1 billion euros ($1.06 billion) to cut debt.
Bertelsmann expects “at least half a dozen” bids for its BertelsmannSpringer unit, spokesman Oliver Herrgesell said.
Berlin-based BertelsmannSpringer has 5,200 employees in 16 countries and publishes books, periodicals, databases as well as CD-ROMs in scientific and medical fields.
Guetersloh-based Bertelsmann AG’s other divisions include music group BMG, whose labels have artists such as Avril Lavigne, Dave Mathews and Pink, Random House book publishers, European television and radio broadcaster RTL, magazine group Gruner
Jahr and printing services division Arvato.
The company’s shares, held by Germany’s Mohn family and by Belgium’s Groupe Bruxelles Lambert, are not publicly traded.